RCBC on Helping SMEs Digitalize

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Digital products do not only help SMEs (Small & Medium-sized Enterprises) save on operating costs and time but inherently become sustainable and environment-friendly.

In 2021, the Rizal Commercial Banking Corp. (RCBC) introduced digitized cash management services like RCBC Checkscan, PayPortal, and QRPay to make disbursement, collection, and payment systems easily accessible and more efficient for their clients.

“By empowering our SME clients with digitized banking solutions – like Check Scan or PayPortal — we are also encouraging them to integrate sustainability practices into their business operations,” according to Maria Angela Tinio, RCBC First Senior Vice President and Head of SME Banking Group (SMEBG).

RCBC CheckScan is a first-in-market cash management solution that enables clients to process bulk checks safely and efficiently through digitalization. Last year, RCBC launched an additional feature to this solution called Mobile CheckScan which allows businesses to process their check deposit transactions using their mobile devices.

RCBC PayPortal, on the other hand, is a one-stop shop online payment enabler for businesses. It aids in the collection of sales settled via e-commerce payments.

QR Pay uses QR PH, the Philippines’ national QR code standard initiated by Bangko Sentral ng Pilipinas (BSP) which allows interoperable payments solutions. This means RCBC-enrolled billers can accept customer payments using other banks or Electronic Money Issuers (EMIs).

The number of SMEs enrolled in RCBC’s digital products in 2021 doubled compared to the previous year. Also in 2021, RCBC’s SMEBG had set a record-high in the onboarding of new accounts, higher by 33% than the group’s average pre-pandemic level of new accounts per year. This, after digitizing their own processes resulted in faster credit approvals and enabled SMEs to gain speedier access to financing.

“The digital acceleration initiatives that resulted in faster approval and more efficient process paved the way for this growth. The group envisions this momentum to propel its success in 2022 as it frontloaded the integration of these accounts into its portfolio during the first half of the year,” Tinio pointed out.

RCBC has been at the forefront of Sustainability, pioneering innovations, and solutions that have meaningful impacts on the environment and the community.

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