BancNet Taps Fime to Accelerate InstaPay Adoption in the Philippines

BancNet, a Philippine-based domestic payment system, has selected Fime to assist in the onboarding, testing, and certification process for its instant payments service, InstaPay.

Under the partnership, Fime will provide its cloud-based Test Factory platform to help InstaPay-participating financial institutions test their instant payment solutions based on the ISO 20022 specification, a global standard for financial messaging.

The platform aims to streamline the testing process, reducing the time needed for financial institutions to onboard and launch their instant payments services.

The collaboration is expected to speed up the rollout of InstaPay services and ensure a smooth testing and certification process for participating institutions.

BancNet serves as the Clearing Switch Operator for InstaPay and has been authorised by the central bank as an Operator of a Designated Payment System, with InstaPay classified as a Prominently Important Payment System.

“Since 2014, Fime has supported our mission to enable the safe, efficient and reliable delivery of payment services in the Philippines.
With Fime’s continued support, we can do our part in helping the financial industry to further increase adoption of InstaPay, helping more citizens to make payments instantly anywhere, anytime.”

said Elmarie Reyes, CEO of BancNet.

James Daniels
“We look forward to building on our ten-year partnership with BancNet to help take its InstaPay service to the next level. Our goal is to support BancNet to bring its members into the ecosystem quickly and efficiently.
We are proud to support this journey to drive financial inclusion and digitalization in the Philippines through the automated test tool facilitating convenient, easy and cost-effective payments.”