Satellite network operator Inmarsat has been commissioned to deliver bandwidth for a project to provide online ATM access, data and transfers to over 2800 banks in the Philippines.
Under the agreement, Inmarsat Service Provider, Xantic is to contribute satellite airtime and business support to Faslink Communications' financial transaction solutions in the Philippines.
The Inmarsat network will be used to provide the capabilities for banks to offer online funds transfer services to over six million workers located in remote rural areas across the Philippine archipelago, rather than relying on postal delivery of cheques.
Faslink is currently preparing Eftpos and ATM switching facilities using Inmarsat global area network terminals with mobile packet data services, which means that banks will only pay for the data sent, rather than for the time online. The turnkey project will be rolled out over a period of three years.