In consonance with Circular No. 859, series of 2014 issued by the Bangko Sentral ng Pilipinas regarding the EMV implementation on commercial / rural banks, Banco Dipolog, Inc. ,once and for all, already took the final step for the full compliance with the bank’s EMV conversion requirement.
Last June 6, 2017, the President and CEO of Banco Dipolog, Inc., Ms. Milcah A. Capundag, along with Chief Compliance Officer Flaviano B. Paloma Jr. And IT Department Head Mharjun A. Gamus, flew to Manila to finally complete the Bank’s full compliance with the EMV Conversion requirement. The steps were taken with the assistance of Ms. Joan Vergara from Bancnet.
EMV (Europay, Mastercard& Visa) is a chip-based payment card which is a more secure alternative to traditional magnetic stripe payment cards. The EMV implementation is part of the BSP’s continuing efforts to protect clients against card fraud, safeguard their information and maintain interoperability of payment network. EMV chips have been proven primarily to reduce counterfeit fraud, skimming and other related attacks perpetrated in a magnetic stripe payment cards.
Having completed the foregoing regulatory requirement, Banco Dipolog, Inc. is now set for the EMV ATM implementation this coming September 2017. It is expected that more than 9,000 cards will be replaced as soon as the implementation goes full swing.
BDI will continue to ensure sustainable growth for all stakeholders across generations protecting the latter, and their benevolent in the bank.