MBv8: The Perfect Tool With Modern Day Rural Banking System
Speed is a prerequisite for the modern world. Everything should be fast, and that includes rural banking system in the country.It is common knowledge, however, that there are still banks that go through their day-to-day activities manually. This means they normally finish a certain task in two days or so when they can actually do it in one day. Good thing there’s Microbanker Version 8. Capturing around 60% of the market share, it is the leading microbanking system in the industry today. Its ability to catch up with technology, among other things, is what makes it to the top. Microbanker Version 8, also known as MBv8, came out in the local market in 2007.
Even in its early stages, MBv8 had already shown a great potential, receiving two thumbs up from bankers who have finicky tastes. In fact, more than half of all MBPhil clients replaced their previous system with MBv8 because they saw something in it, something that’s not available in their previous application.
It didn’t take them a lot of mental effort to see that the MBv8 package, particularly the Ultimate, is the full house deal. Now the issue of being fast is solved. And speed is only one of the benefits. The leading microbanking system also offers convenience, efficiency and flexibility. The main functionalities that take the credit are the following:
Regulatory Compliance Reporting
The banking business requires lots of various reports -- AMLA Listing, EIR Amortization Schedule, Microfinance, PDIC, SME Agri/Agra Report, WRRAR Report, PDIC Report and so on. Working on all these reports regularly can leave one feeling overwhelmed. Fortunately, MBv8 comes with Regulatory Compliance Reporting, a unique feature of the system that prepares tons of reports automatically (or manually depending on the user’s choice).
MBv8 boasts a compelling feature for Microfinance or group lending. It facilitates the lending process to help different types of projects.
Customer Information File
Highly integrated with account management, the Client Information module gives you wide-ranging information about your customer, from your customer’s accounts to past loan history.
ATM Connectivity. When you talk about speed banking, you talk about accessibility 24-7. That’s what aCON is all about. This feature is designed for financial institutions that would like to generate customers through ATM services. Being a supplementary module to the system, it functions with ATM host processor.
Interbranch Transaction System
It will be a remarkable feat for a rural bank to send notes and other important documents online. This is the inspiration behind Interbranch Transaction System. Fundamentally, this module connects branch offices using the internet. Since it came out in the market, many accounting problems have become avoidable.
Central Check Clearing
Some customers complain about the three-day check clearing. To deal with it, MB Philippines Inc. loaded the C3M into MBv8. At heart, this module expedites the process of determining whether the check is good or not. While it usually takes three days to get through the task, C3M can cut it down to only a day. Aside from speeding up the procedure, it can also produce reports. With different tasks rolled into one package, C3M is indeed a must-have module.
Other Modules Available in MBv8
Special Savings Account
Centralized Liability Ledger
MBv8 CROSSOVER: The FRP Advantage
Have you ever tried using a core banking system that produces reports that don’t meet the requirements of the Bangko Sentral ng Pilipinas? If so, you are likely to be questioned. While many rural banks take on responsibilities the modern way – with the help of intelligent banking solutions, that is – some are still going through work manually.
Unless you avail yourself of a dependable core banking software like MBv8, there’s no guarantee that you can turn in flawless, uncontaminated financial reports on time year after year. In this digital world, it is necessary to keep up with global competition. The minimum requirement for a successful company is to perform well the fastest way possible. Surely, the industry is filled with numerous core banking software but only MBv8 can meet the demands of the BSP. Below is a list of reports that the leading banking system can deliver:
Simplified BSP / FRP Reports
SME Agri/Agra Report
EIR Amortization Schedule
AMLA Covered Transaction Reports
Simplified BSP / FRP Reports
Balance Sheet and Income Statement
Check and Other Cash Equivalent
Loans and Receivables
Other Financial Assets
Non- Financial Assets
Borrowings and Other Financial Liabilities
Details of Income Statement
Published Balance Sheet