Netbank Launches Solution to Ease Remittances to the Philippinesby Fintech News Philippines June 12, 2023
Netbank, a Banking as a Service (BaaS) platform, has launched a solution that allows international remittance companies to facilitate cross border payments into the Philippines.
Through this new solution, 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 already partnered with TransferGo, a global payment service provider registered in the United Kingdom, for this solution.
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.”
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.”