THE Wealth Development Bank (Wealthbank) has invested a whooping P100 million for the complete upgrading of its information systems––involving both software and hardware––to further improve servicing of its clients’ banking requirements nationwide.
Wealthbank President Sabiniano Villamor told reporters that included in the planned capital expenditure is the acquisition of seamless system and equipment in preparation for its membership to the Philippine Clearing House Corporation (PCHC) to upgrade the bank’s status to direct clearing participants at par with the rest of the member banks with direct clearing facilities.
“This will allow our bank to take advantage of a longer clearing cut off time for checks deposits of our clients. All other requirements including the PCHC membership fees are ready for implementation pending the final signing of the Memorandum of Agreement between Wealthbank, BSP and PCHC which is expected within the second quarter,” Villamor said.
Banks that are non-members of the clearing house have to course their clearing checks through their respective conduit banks.
However, they do not enjoy the luxury of longer clearing cut off time since their conduit banks demand earlier delivery of checks by the non-member banks to give ample time for processing these checks.
Because of the heavy investment required to become a member of PCHC many smaller banks opted to link up their clearing checks through a conduit bank.
Villamor said Wealthbank feels that by becoming a member of PCHC, its clients will no longer be rushing up everyday in making check deposits.
“We find this service improvement to be of greater value to our clients,” he said.
The additional investment is also in line with the bank’s expansion plans of establishing five more branches this year or early next year in strategic locations in Metro Manila and Wealthbank’s entry into the ATM services.