Upgrade tools to simplify payments to clients and suppliers
Such as MFIs, employer networks, electricity companies, finance companies, etc.
Open accounts for all clients, using existing KYC data, or scanning cards, ID forms, etc.
Provide a re-skinned mobile app to the clients, so they can activate their accounts, manage balances
Issue new loans to the client’s accounts. Allow client to receive remittance from abroad.
Issue cards to the clients, allow clients to withdraw funds via ATM or via remittance networks
Facilitate over the counter withdrawals and payments, via the card, using ePOS terminals
Allow clients to make bill payments, pay face to face in merchants, send funds to relatives, etc.
Lend funds back to the MFI, lowering their cost of funds
International payment companies
Digital economy companies initiating interbank payments need a banking partner offering a reliable service, operated via APIs. The partner needs to provide good information on API functionality, up-time and failures. They also need access to value added services, such as payment confirmations. Preferably, a single partner should provide transfers to bank accounts, wallets and cash-out channels.
Netbank is setting up a service to provide disbursement and collection to accounts, wallets and via cash agents, offered simply via APIs. It will be available in Q1 2021.
Domestic payment specialists
Remittance providers need a regulated partner to facilitate a range of services, from completing payments into the Philippines to managing outbound payments. During 2021 Netbank will be developing these services, allowing international companies to make regular (low cost) payments in and out of the Philippines, allowing remitters to send funds out of the Philippines and allowing fintech partners to manage international transactions at low cost.
Companies with complex situations