Banking as a service (BaaS) platform Netbank has launched a new service enabling international remittance companies to facilitate overseas remittances into the Philippines.
By partnering with international remittance companies, NetBank aims to facilitate efficient and low-cost transfers from overseas to bank accounts and wallets in the Philippines. The BaaS platform explained that the market for the Philippine Peso remittances is huge – due to the large number of Filipino migrant workers across the globe.
Currently, international remittance companies sending money to the Philippines often suffer from slow processes and high costs. Also, regulations on non-Filipino resident companies made opening an account for international remittance companies for their remittance transactions tedious due to strict documentary requirements. These requirements make it difficult for these companies to operate profitably.
Netbank recognised the issue and, in response, created a remittance-based solution for international remittance companies. Under this setup, Netbank provides a dedicated bank account for international remittance companies to facilitate inbound transactions from overseas and local disbursements into different bank accounts and wallets.
Alain Abadiano, head of international accounts and payments solutions of Netbank, said: “With the large presence of Filipino migrant workers all around the globe, and increasing B2B trade flows, there is a huge opportunity for international remittance companies serving the Philippines. Netbank is here to provide innovative solutions to these companies and ensure that their business transactions here in the Philippines will be seamless and efficient”.
TransferGo strikes partnership with Netbank
Netbank has also partnered with TransferGo, a payment service provider registered in the UK. Thanks to this partnership, TransferGo was able to facilitate inbound transactions in GBP and USD from overseas and was able to disburse PHP into different local bank accounts and wallets via an Application Programming Interface (API) connection.
Augmante Alisauskaite, senior relationship manager of TransferGo, also commented on Netbank’s efforts: “Despite the complexities of navigating regulatory requirements, the Netbank team demonstrated a high level of expertise throughout the process. Their approach allowed us to build one of the best products in the market. The innovative approach taken by their team has truly set them apart as a partner”.
Netbank is the first embedded finance platform in Southeast Asia operating on a full banking license. It provides banking services, on a white-label basis, supporting Filipino fintechs to more quickly and reduce their costs, thus accelerating financial inclusion and innovation. Netbank ultimately aims to provide simple, creative, low-cost solutions so partners can open accounts, offer loans and manage payments.