Philippines-based lender Kayamo has partnered with Netbank, a neobank that offers Banking-as-a-Service solutions, in order to enhance and automate its lending experience.

Through this partnership, Netbank implemented a ‘Virtual Account’ solution to simplify Kayamo’s collection process.

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

The solution 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 enables faster processing and disbursement of loans automatically from within Kayamo’s platform.

Through this partnership, Netbank and Kayamo said that they aim 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.

“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 minimising risks from manual processing and reconciliation,”

said Carl Ladios, Chief Product Officer of Kayamo Group.

“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,”

said Vince Roldan, Netbank’s Solution Manager.