Digital Banking: Philippines based Netbank Enhances Kayamo’s Loan Payout, Payment Collection Process

Kayamo is teaming up with Netbank, a fully-regulated bank that provides Banking-As-A-Service solutions through open APIs, to improve the way they release loan payouts and collect loan repayments–”overall, to provide a better user experience for their end-customers.”

Prior to this partnership, Kayamo needed “to complete a considerable number of manual steps to release loans and manage repayments of Kayamo’s business loans.”

These presented risks and delays, so Kayamo “needed an automated solution.”

Carl Ladios, Chief Product Officer of Kayamo Group, stated:

“Netbank offered a best-of-breed transaction processing solution streamlining loan operations enabling real-time loan disbursements and loan payments with accurate transaction data capture minimizing risks from manual processing and reconciliation.”

Netbank implemented a ‘Virtual Account’ solution “to simplify the collection process.”

This allows loan repayments, via bank transfer or pawn shops, “to be easy and seamless both for Kayamo and their end-customers.”

Vince Roldan, Netbank’s Solution Manager, remarked:

“By generating and associating a dedicated Netbank Virtual Collection Account Number to each transaction, Kayamo is able to track and reconcile the payment without the need to require the end-customer to send a photo of the payment/deposit receipt as proof of payment”

As noted in an update shared with CI, this basically “eliminates the extra step needed for manual reconciliation, thus, allowing the payment of the end-customer to take effect immediately and accurately.”

Kayamo has also embedded Netbank’s Disburse-To-Account Service in order “to disburse the loan directly to end-customers’ local bank accounts and e-wallets via Instapay and Pesonet.”

This allowed faster processing and disbursement of loans “automatically from within Kayamo’s platform.”

With a simple sign up to Netbank Virtual–Netbank’s Open API Platform, the alternative lending company was able “to easily browse, test, and integrate to the relevant financial APIs that made onboarding simpler.”

Carl Ladios added:

“The low-friction system integration was achieved through fully documented RESTful APIs and a standard development process aligned with Agile industry standards. A pre-production testing environment scaled to production specifications allowed for improved quality assurance activities and zero defects at launch.”

Via this partnership, Netbank and Kayamo aims “to empower more SMEs and entrepreneurs by providing them with efficient services within the scope of secured lending, consumer installment loans, and Insurtech.”

Netbank is now able “to offer this product to a wide range of traditional and alternative lenders in the Philippines.”

As covered, Netbank (a Rural Bank), Inc. is “the first banking as a service platform in Southeast Asia operating via a bank license.”

It provides “the full range of banking services, on a fully white-labeled basis, so that Filipino Fintechs grow fast and reduce their costs, thus accelerating financial inclusion and innovation.” It “provides simple, creative, low cost solutions so that Fintech can open accounts, offer loans and manage payments.”

Kayamo is committed “to becoming a leading Fintech Company in the Philippines providing a spectrum of tech-enabled services beyond financing for MSME sellers.”

Their team, “composed of diverse and highly experienced international talent, is obsessed with offering innovative beyond financing products that our customers love to use.”

Their mission is “to provide financial empowerment to the underserved through simple, innovative, and relevant products, leveraging on engaging platforms and easy-to-use technology to keep our customers happy.”

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