The Land Bank of the Philippines (LANDBANK) has partnered with software solutions company MultiSys Technologies Corp. to provide local government units (LGUs) with a digital payment system.
The state-owned bank said in a statement Thursday that its LANDBANKPay mobile wallet will be integrated with MultiSys’ Smart City app, allowing residents to settle payments at LGUs without having to visit local offices.
These include payments of property tax, business tax, community tax certificates, local civil status, health and business permits and licenses.
The Memorandum of Understanding (MOA) with MultiSys was signed on May 24 and includes a provision that all future payment applications that MultiSys develops in the future will also use LANDBANKPay as their primary e-wallet.
“Integration of LANDBANKPay and the Smart City App will help increase LGU collection rates and generate long-term operational cost savings,” said LANDBANK President and Chief Executive Officer (CEO), Cecilia C. Borromeo. “Most importantly, we will provide more convenience and security for residents when paying local government fees.”
“We believe this initiative is vital not only locally but also nationally,” said MultiSys President and CEO David L. Almirol. “And we know LANDBANK is our key partner to really accomplish that.”
MultiSys’ Smart City application is in use in 75 LGUs nationwide, with the company planning further expansions later this year. Apart from the banking industry, the software company also serves clients in the retail, hospitality, and healthcare industries, among others.
“LANDBANK’s partnership with MultiSys builds on its broader desire to serve the nation through the provision of innovative financial products and services powered by digital banking platforms,” the public bank said.
Between January and March this year, LANDBANK facilitated a total of 39.14 million transactions worth P567.61 billion through its main digital banking channels.
LANDBANK’s revenue for the first quarter was 13.2 billion pesos, 141% higher than the 5.48 billion pesos a year earlier. This translates into a return on equity of 14.27%.
Its performance in the first quarter was attributed to higher interest income on loans and investments, as well as one-time gains from the merger with United Coconut Planters Bank. — T. J. Tomas