Platform for banking as a service (BaaS) International remittance providers can now facilitate transfers from abroad into the Philippines thanks to a new service offered by Netbank.
The goal of NetBank is to make it simple and affordable for people to transfer money from abroad to their bank accounts and mobile wallets in the Philippines. The BaaS platform noted that there are many Filipino migrant workers all around the world, creating a sizable market for remittances in Philippine Peso.
Currently, lengthy procedures and excessive fees are major problems for international remittance companies moving money to the Philippines. Additionally, due to stringent documentation requirements imposed by laws on businesses with non-Filipino residents, it was difficult for international remittance providers to open accounts for their remittance transactions. These demands make it challenging for these businesses to generate a profit.
Netbank developed a remittance-based solution for international remittance companies in response to the problem. In this configuration, Netbank offers a special bank account for international remittance providers to make it easier for them to receive payments from outside and send money locally to various bank accounts and wallets.
“With the significant presence of Filipino migrant workers all over the world and growing B2B trade flows, there is a huge opportunity for international remittance companies serving the Philippines,” said Alain Abadiano, head of international accounts and payments solutions at Netbank. For these businesses, Netbank is here to offer creative solutions and make sure that their company operations here in the Philippines run smoothly and effectively.
Partnership between TransferGo and Netbank
Additionally, TransferGo, a UK-registered supplier of payment services, and Netbank have cooperated. Because of this collaboration, TransferGo was able to enable GBP and USD incoming transactions from abroad and to send PHP via an Application Programming Interface (API) link into several local bank accounts and wallets.
Despite the challenges of managing regulatory regulations, the Netbank team showed a high degree of experience throughout the process, according to Augmante Alisauskaite, senior relationship manager of TransferGo. We were able to create one of the top goods on the market because to their strategy. Their team’s creative strategy has really distinguished them as a partner.
Finally the first embedded finance platform in Southeast Asia with a complete banking license is called Netbank. It offers white-label banking services to let Filipino fintechs operate more swiftly and more affordably, promoting financial inclusion and innovation. In the end, Netbank wants to provide partners straightforward, innovative, affordable ways to register accounts, extend loans, and handle payments.