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UnionBank forms dashboard for MSMEs

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Micro, small and medium enterprises (MSMEs) are set to benefit from a special dashboard being created by a local bank within its mobile app that will allow business owners to monitor their sales and cashflows, according to a report by Philippine News Agency.

In a virtual briefing on Wednesday, Union Bank of the Philippines (Unionbank) vice president and customer segment management head Jaypee Soliman said they are “big” on data management to help MSMEs monitor their sales and cash inflows, among others, without buying expensive software intended for these tasks. 

“That is already something we are working on. We are creating a special dashboard for our merchants, which will combine the sales, the collections, (and) the projected sales. If the merchant is creating payment links, which will be used in the future, it will be there,” he said. 

Soliman said these tasks can easily be done by software being sold by international database management companies like Oracle. 

However, he said software for this purpose is expensive and cannot be easily purchased by MSMEs. 

“But from the mobile app perspective, you can see if there are going to be gaps in funding, if there are any surpluses, and you act immediately. If there may be gaps, you might need to borrow money for a special payment you need to do,” he added. 

Unionbank has launched its UPay system for MSMEs, an inward payment platform that is built within the bank’s MSME banking app. 

Soliman said MSMEs using such banking app need not check all their other mobile apps if their customers used one of these to pay for a merchandise or a service since this can be seen through the Unionbank’s MSME mobile app. 

“That is the pain point and that is what we’re trying to solve here, all-in-one platform,” he said. 

During the same briefing, Unionbank Merchant Acquiring and Payment Gateway head Gerry Austria said Unionbank has put in place several layers of protection on the data of their mobile app users, both the merchants and buyers. 

One of these protections is the security notification that asks users about the accuracy of the information they have typed in for a certain transaction. 

Another layer of protection is a one-time password for any payment, he added.

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