Land Bank of the Philippines (LBP), one of the top 5 commercial bank in the Philippines, is a government financial institution that aims to promote countryside development while remaining financially viable. From its initial role as the financing arm of the agrarian reform, LBP has evolved into a full-service commercial bank. Today, the bank ranks among the Philippines' top five commercial banks in terms of assets, loans, deposits and capital.
In 2004, the bank looked outside of the Philippines and aimed to be a key player in the remittance market. To date, the bank has three subsidiary remittance companies and a large number of wholesalers or representative offices in the Middle East, Japan, Singapore and Taiwan. In addition to this, the bank currently has expansion plans in 15 other countries. The banks' operational procedures were largely manual and data received from its remittance branches needs re-encoding due to incompatible file formats. These manual operations were detrimental to the banks aggressive expansion plans. With this in mind, the bank looked at implementing a new system that will reduce manual work and automate most of its processes with the following capabilities:
TIM and FundTech (formerly known as CashTech) implemented its remittance product Transact Remit for the bank's back office operations and a web-based customer front-end where customers can directly log in to the site and remit money. Apart from customer front-end, remittance was also possible through aggregators, bank branches etc. Meanwhile, the hardware configuration has been determined based on the volumes that the Bank would like to process through the system and the locations at which the system would be deployed. The result is a system that made it possible for Landbank to run remittance operations in an online 24/7 mode.