RCBC launches the pioneering ‘ePiso’ Digital Cash for easier access to financial services

May 23, 2018

News & Lifestyle section of Dad On The Move Family Travel Blog.

One of the country’s leading universal banks, Rizal Commercial Banking Corporation (RCBC), has announced its partnership with eCurrency Mint Limited to launch its digital money, RCBC ePiso.

In the photo are, from left, Margarita Lopez - Digital Banking and Operations Head, RCBC; Ana Luisa Lim - Chief Compliance Officer, RCBC; Melchor Plabasan - Deputy Director and Head of Core Information Technology Specialist Group, BSP; John Thomas Deveras, Asset Management and Remedial Head, RCBC; Mary Ann Cube - Central Point of Contact Department IV Officer-In-Charge, BSP; Ma. Belinda Caraan - Supervision and Examination Officer-In-Charge, BSP; Helen Dee - Chairperson, RCBC; Gil Buenaventura - President, RCBC; Florentino Madonza - Controllership Head, RCBC; and Jonathan Lumain - Chief Technology Officer, RCBC

RCBC launches the pioneering ‘ePiso’ Digital Cash for easier access to financial services

    The ePiso is a first-of-its-kind digital cash in the country. It is a digitized Philippine peso that enables secure, affordable, fast, and efficient mode of mobile payment. As a form of cashless payment, the ePiso will provide consumers and businesses an innovative solution to revolutionize day-to-day commerce.

    The creation of the Digital Secured Stored Value supply has started the transformation of the Philippine peso into a digital fiat currency. The supply creation was led by RCBC President Gil Buenaventura, Asset Management and Remedial Head John Thomas Deveras, Chief Compliance Officer Ana Luisa Lim, Digital Banking Head Margarita Lopez, Chief Technology Officer Jonathan Lumain, and Controllership Head Florentino Madonza.

    The initiative was done with close supervision from Bangko Sentral ng Pilipinas (BSP) Deputy Director and Head of Core Information Technology Specialist Group Melchor Plabasan, Supervision and Examination Officer-In-Charge Ma. Belinda Caraan, and Central Point of Contact Department IV Officer-In-Charge Mary Ann Cube. RCBC’s ePiso is piloted under a regulatory sandbox initiative with the BSP.

    Digitized peso for every Filipino

    The RCBC ePiso is a Philippine peso that is securely digitized so it will not be lost, stolen, or counterfeited, unlike physical bills and coins which are prone to security risks and fraud. Everyone can have their money secured digitally by going to the nearest partner merchant to convert physical pesos and coins to ePiso.

    The ePiso is placed in a Mobile Wallet, a smartphone app that can be downloaded through Google Play, and will soon be available through the Apple Store.

    Making life convenient and comfortable

    The primary aim of the digitization of the peso is to help Filipinos get easier access to financial services no matter where they are. Acquiring digital cash is very easy as users only need to go to sari-sari stores and accredited partners to convert their hard cash to “ePiso” digital cash for free.

    Via the mobile wallet, users can buy goods at partner retailers, pay bills, or send money to other ePiso users without the risk of theft or losing their money. With the mobile wallet, the ePiso is secured with password protection, on top of digital security layers, so the account owner is the only one who has access to his money.

    With ePiso, consumers can safely carry digital currency with them anywhere they go and have access to it anytime they want.

    Digital payment solution for businesses

    Flexibility is also one key characteristic of the RCBC ePiso model. It can be used for faster exchange of payments for businesses, big and small alike. RCBC ePiso can also be used to save on disbursement, transportation, collection, and sending payment costs. Essentially, the objective of RCBC is to make the business process cheaper so that goods and services can be delivered to every Filipino faster and at less cost.

    The creation of the ePiso supply is a testament to RCBC’s commitment to uplifting the lives of Filipinos through digital technologies so they can reap the benefits of access to financial services and enjoy a convenient and comfortable lifestyle.

    About eCurrency

    eCurrency Mint Limited (eCurrency) enables central banks to securely and efficiently issue digital fiat currency to operate alongside notes and coins. eCurrency has pioneered the world’s first end-to-end solution for digital fiat currency issuance and circulation. 

    The technology combines hardware, software, and cryptographic security protocols to provide central banks the tools they need to preserve their charter and doctrine as the sole issuer of the national currency in an increasingly digital economy. By enabling more secure and efficient digital transactions, eCurrency supports the huge economic opportunities presented by the global shift to digital payments, including increased transaction efficiency, financial inclusion, and economic growth.

    About RCBC

    The Rizal Commercial Banking Corporation (RCBC) is the financial flagship company of the Yuchengco Group of Companies (YGC). As one of the largest private universal banks in the country, RCBC is able to provide a wide scale of services through its thrift bank, investment bank, foreign exchange brokerage house, leasing company, and overseas remittance companies. For more information on RCBC, visit www.rcbc.com.

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