MegaLink was elected to the chairmanship of the Asian Payment Network (APN) for the Year 2012 to 2013 during a meeting of the APN last March 02, 2012.
MegaLink is the lone Philippine representative to the APN and is currently utilizing the APN infrastructure and standards to enable cross-border ATM withdrawals and balance inquiries with the Korea Financial Telecommunications & Clearings Institute (KFTC).
The APN was formed in Year 2006 as a response to the ASEANPay Steering Committee, a body composed of representatives from the central banks in the ASEAN tasked to formulate a framework for efficient and reliable cross-border payment services within the South East Asian region. The APN is an association of electronic payment operators in the South East Asian region and key trade partner countries which aims to promote growth and advancement of its members and their stakeholders, through the establishment of common standards and guidelines and collaborative regional efforts for domestic and regional switching, clearing and settlement of all electronic payment transaction. It is currently composed of the following institutions:
Artajasa Pembayaran Elektronis (Indonesia)
Malaysian Electronic Clearing Corporation - My Clear (Malaysia)
Malaysia Electronic Payment System - MEPS (Malaysia)
National ITMX Co. Ltd. Of Thailand – ITMX (Thailand)
Network for Electronic Transfers Singapore – NETS (Singapore)
MegaLink (Philippines)
PT RINTIS Sejahtera (Indonesia)
Vietnam National Financial Switching - Bancnet VN (Vietnam)
Korea Financial Telecommunications & Clearings Institute- KFTC (South Korea)
Paymark (New Zealand)
Strategic Payments Services - SPS (Australia)
UnionPay (China)
Moving forward, MegaLink and the APN aims to interconnect all APN members to process not only cross-border ATM withdrawals and balance inquiries but also cross-border POS transactions, funds transfers and other electronic financial services.
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