Philippines: Netbank, Remittance Companies to Support Low-Cost Transfers from Overseas to Local Bank Accounts

Netbank, the banking as a service platform, has launched a service that allows international remittance companies to facilitate overseas remittances into the Philippines.

The market for Philippine Peso remittances “is huge since there is a large number of Filipino migrant workers all around the globe.”

International remittance companies sending money “to the Philippines often suffer from complex and slow processes, plus high costs.”

Also, regulations on non-Filipino resident companies “made opening an account for international remittance companies for their remittance transactions tedious due to the strict documentary requirements.” These requirements “make it difficult for these companies to operate profitably.”

Netbank understands “the restrictions imposed on non-Filipino resident accounts thus created a remittance-based solution for international remittance companies.”

Under this set-up, 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.” Netbank has “created a more efficient and customer friendly solution.”

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.”

Netbank has partnered with TransferGo, “a global payment service provider registered in the United Kingdom.”

Under 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 said:

“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 dedicated “to growing the remittance-based solution to other international remittance companies to make it easier for them to expand their business in the Philippines.”

Netbank (a Rural Bank), Inc. is reportedly “the first embedded finance platform in Southeast Asia operating on a full banking license.”

It provides banking services, on a fully white-labelled basis, so that Filipino Fintechs can “grow fast and reduce their costs, thus accelerating financial inclusion and innovation.”

It aims to “provide simple, creative, low cost solutions so partners can open accounts, offer loans and manage payments.”

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