UnionBank unveils Digital Solutions that help build Businesses for Beyond
Spearheading innovation in transaction banking
PASIG, Philippines, Nov. 20, 2023 /PRNewswire/ -- Union Bank of the Philippines (UnionBank) embarked on a digital transformation journey in 2016, long before the COVID-19 pandemic underscored the importance of digital readiness. This forward-thinking approach has enabled UnionBank to position itself as a digital trailblazer in the financial sector, allowing them to scale their operations efficiently and stay ahead of the curve.
One of the most striking aspects of UnionBank's digital transformation is the overhaul of their customer touchpoints. The bank has gone the extra mile to provide a seamless and enhanced experience for its customers: from transforming physical branches into today's 'Arks' — advanced, digitally-integrated spaces catering to customers' various needs — to developing user-friendly, online banking applications which allow them to conveniently access their accounts and manage their finances within the comforts of their homes, and even the creation of a specialized platform which addresses the unique needs of corporate clients. UnionBank's tailored approach is an excellent demonstration of the bank's commitment to meeting the diverse requirements of its customer base, as it embraces the advantages of the digital age.
UnionBank's core strength lies in transaction banking, with 51% of their deposits originating from corporate clients, surpassing the industry benchmark of 45%. The adept manner in which they handle their transaction banking processes has led to quicker and more secure financial transactions, and has earned the trust of their corporate clients in the process.
Unionbank recognizes the evolving business landscape and is committed to helping other enterprises succeed in the digital age by ushering in a new era of innovative transaction banking solutions. Unionbank aims to empower businesses — to be built for beyond.
What sets PayExpress apart is its immediate generation of Creditable Withholding Tax (CWT) and Invoice Vouchers, sent directly to nominated email addresses of suppliers and vendors, once the ORs are collected and funds are credited to payees.
PayExpress complements the Bureau of Internal Revenue's (BIR) forward-looking strategy to adopt an e-Invoicing and e-Receipt System. The initiative is a significant step in the modernization of the country's tax documentation processes. By providing a secure and efficient platform for collecting Official Receipts (ORs) and generating essential documents like Creditable Withholding Tax (CWT) and Invoice Vouchers, PayExpress helps businesses seamlessly adapt to these evolving tax regulations. This alignment not only simplifies tax compliance but also contributes to the overall transparency and efficiency of financial operations.
Payroll Digital Account Opening (eDAO)
Moreover, eDAO also complements the upcoming Bank Account Portability For Workers Act (Hb7619), granting private sector employees the prerogative to select and change their preferred bank accounts, thereby liberating them from the constraints of a one-size-fits-all banking system.
In essence, eDAO not only simplifies the account setup process for corporations; it also positions UnionBank as a forward-thinking institution aligned with legislative changes aimed at enhancing the financial flexibility and convenience of employees.
Remote Check Deposit
Mobile Check Deposit
The future of banking is here, and UnionBank remains dedicated to elevate businesses' transaction banking experience through its continuous pursuit of innovative solutions.
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SOURCE UnionBank of the Philippines
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