Netbank reinforces Kayamo’s loan payout and payment collection process to SMEs and Online Sellers
With Netbank’s Open APIs, Kayamo has embedded banking solutions into their collection and disbursement processes to offer fast and reliable loan services.
Manila, Philippines – [04-08-22] – Kayamo is partnering with Netbank, a fully-regulated bank that offers Banking-As-A-Service solutions via open APIs, in order to enhance the way they release loan payouts and collect loan repayments–overall, to provide a better user experience for their end-customers.
Prior to this partnership, Kayamo needed to complete a considerable number of manual steps to release loans and manage repayments of Kayamo’s business loans. These presented risks and delays, so Kayamo needed an automated solution. “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 minimizing risks from manual processing and reconciliation” said Carl Ladios, Chief Product Officer of Kayamo Group.
Netbank implemented a ‘Virtual Account’ solution to simplify the collection process. This allows loan repayments, via bank transfer or pawn shops, to be easy and seamless both for Kayamo and their end-customers. “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. This basically 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 allowed faster processing and disbursement of loans automatically from within Kayamo’s platform.
With a simple sign up to Netbank Virtual–Netbank’s Open API Platform, the alternative lending company was able to easily browse, test, and integrate to the relevant financial APIs that made onboarding simpler. “The low-friction system integration was achieved through fully documented RESTful APIs and a standard development process aligned with Agile industry standards. A pre-production testing environment scaled to production specifications allowed for improved quality assurance activities and zero defects at launch” Carl Ladios added.
Through this partnership, Netbank and Kayamo aims 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.
About Kayamo https://www.kayamo.ph/
Kayamo is committed to becoming a leading Fintech Company in the Philippines providing a spectrum of tech-enabled services beyond financing for MSME sellers. Our team, composed of diverse and highly experienced international talent, is obsessed with offering innovative beyond financing products that our customers love to use. Our mission is to provide financial empowerment to the underserved through simple, innovative, and relevant products, leveraging on engaging platforms and easy-to-use technology to keep our customers happy. All the time.
For more information on Kayamo, visit our website at https://www.kayamo.ph/lazada/faqs