Postbank set to comply with the EMV migration deadline

03 January 2018
 
The BSP earlier set the deadline for EMV migration on 1 Jan 2017, but since some banks still have yet to comply, BSP extended the deadline giving all the BSP-supervised financial institutions until 30 June 2018, to fully comply with the EMV requirement. The BSP has ordered banks to issue all customers with EMV chip-enabled cards until 30 June 2018.
 
With the conversion of Postbank into OFBank as wholly-owned subsidiary of LAND BANK, the IT systems including the EMV migration is projected to be completed prior to the set deadline.

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Postbank continuous to push for POS merchant services

03 January 2018
 
The Bank continues to push for the POS merchant solicitation services to generate additional income for the Bank. Currently, the Bank has 10 POS terminals installed at Don Mariano Marcos Memorial State University in San Fernando, La Union (8 terminals) and Cebu GEMS Innovations and Career Development Center (2 terminals) in Cebu and Manila.
 
Number of transactions from the eight (8) terminals in La Union significantly increased from 196 transactions in 2016 to 478 transactions in 2017 (with ₱1.4 million in terms of amount), with ADB deposit increased to almost ₱40 million. On the other hand, the other two (2) terminals installed in Cebu and Manila decreased number of transactions from 55 in 2016 to only 30 transactions in 2017. However, the ADB...

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Postbank introduced new products and services

24 May 2017
 
In preparation for the conversion of the Bank into an Overseas Filipino Bank (OFBank), the Board of Directors has approved on 24 May 2017 the introduction of new services that would benefit the overseas-based Filipinos. The Bank has introduced the Buying and Selling of Foreign Currency (initially US Dollars) and the Accreditation and Evaluation of Remittance Agents, Money Changers and FOREX dealers.
 
The foreign exchange service is a facility offered by the Bank to existing clients thru buying (or conversion of US Dollar into Philippine Peso) and selling (or conversion of Philippine Peso into US Dollar) which will be granted to existing Bank clients and selected...

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President Duterte led OFBank launching

On 18 January 2018, President Rodrigo Roa Duterte led the opening of the Overseas Filipino Bank (OFBank) at Liwasang Bonifacio Manila accompanied by LANDBANK President Alex V. Buenaventura and OFBank President and CEO Renato G. Eje.
 
The event was also attended by Department of Labor and Employment (DOLE) Secretary Silvestre H. Bello III, Department of Foreign Affairs (DFA) Secretary Alan Peter Cayetano, Department of Finance (DOF) Secretary Carlos G. Dominguez, Office of the President Executive Secretary Salvador Medialdea and other distinguished guests, both from the government and private sectors...

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Postbank is now CICS compliant

21 April 2017
 
In compliance with the directive from the Bangko Sentral ng Pilipinas (BSP) on the adoption of the electronic clearing of checks, Postbank already implemented the Check Image Clearing System (CICS). With the original deadline beginning 20 January 2017, the full cutover for the implementation of CICS has been pushed through on 21 April 2017 as set by the Monetary Board of BSP.
 
The CICS is a joint undertaking of the Bangko Sentral ng Pilipinas and the Philippine Clearing House Corporation (PCHC) which aims to shorten the Bank’s clearing period. The PCHC implemented the clearing of checks via electronic presentment through its CICS...

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Postbank received GQMC Certificate

11 October 2017
 
Postbank was included as one of the awardees who received its GQMC (Government Quality Management Committee) Certificate during the GQMC 5th Recognition Ceremony held last 11 October 2017 at DAP Conference Center, Tagaytay City. The ceremony recognized government organizations with ISO 9001 Quality Management Systems Certification.
 
The institutionalization of the program on Quality Management Systems in government is a directive from the Office of the President to all departments and agencies of the Executive Branch including all government-owned and/or controlled corporations (GOCC) and government financial institutions (GFIs), via Executive Order No. 605 series of 2011...

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Postbank ties up with remittance partners

29 May 2017
 
Postbank fueled its remittance services by partnering with four of the recognized remittance service providers in the industry in 2017. These includes partnership and contract with Cebuana Lhuillier Pawnshop, Land Bank, Mohur, Inc./ 247 RemitPlus and Transfast Worldwide Remittance Company/ New York Bay Philippines.
 
With about 30 years in the business, the PJ Lhuillier Group of Companies (PJLGC) is a dynamic, multi-industry company that owns and operates businesses dealing with financial services such as pawningremittancemicroinsurance, and business to business micro loan solutions. The P.J. Lhuillier, Inc. (PJLI) is the proud parent company of the Cebuana Lhuillier Pawnshop...

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ADVISORY: Transferring to New Website

18 January 2018
 
Please be informed that effective 18 January 2018, the Philippine Postal Savings Bank, Inc., (Postbank) has been renamed as Overseas Filipino Bank (OFBank), A Savings Bank of Land Bank.
 
We would like to thank all the clients of Postbank now renamed as OFBank. We will be of continued service to you as we expand our operations and improve our products and services to cater to your personal and/or other business banking needs...

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