Called “Security Bank Collect,” the platform facilitates seamless transactions by accepting various payment methods, including credit, debit, and prepaid cards from Mastercard, Visa, and JCB, as well as e-wallets such as GCash, Maya, WeChatPay, Alipay, and UnionPay.
Powered by Magpie.IM Inc., a leading digital payment service provider, the platform centralizes invoicing and payment collection, helping businesses streamline their operations.
Developed by the bank’s Business Banking Segment (BBS), Security Bank Collect addresses key challenges MSMEs face, such as limited payment options, manual payment reconciliation, and the high balance and transaction requirements of traditional POS systems.
More payment options
“Security Bank Collect is another step forward in our mission to empower businesses,” said John David Yap, SVP and business banking head at Security Bank. “This platform not only broadens the spectrum of payment options available to merchants but also streamlines the entire payment process.”
“By enabling real-time monitoring and reconciliation of payments, Security Bank Collect removes many of the traditional barriers faced by MSMEs, allowing them to focus on growth and innovation,” Yap added.
Security Bank Collect features two primary tools:
LinkCollect: Allows merchants to create unique and secure payment links that can be shared via social media or messaging apps like Facebook Messenger, Viber, and WhatsApp.
WebCollect: Enables businesses to integrate payment collection into their websites using plug-ins and APIs provided by Magpie.IM, ideal for businesses with a website but no built-in payment gateway.
Expanding coverage
“There’s no other way but to dive as deep as you can and construct something useful for the market. We have a very big ambition for Security Bank Collect,” said Dominick Danao, CEO of Magpie.
The platform also aligns with the Bangko Sentral ng Pilipinas' (BSP) push for digital payment adoption.
Looking ahead, Security Bank Collect plans to incorporate additional payment options, including QR PH, InstaPay, HelloMoney, ShopeePay, and HomeCredit.
