V5 Pay Philippines Gears Up Digital Payment Platform through Netbank Tech Integration
A better way to pay - With Netbank’s Collection and Disbursement APIs, V5 Pay strengthens payment system providing a seamless and secured payment experience for merchants of all sizes
Manila, Philippines – April 28, 2022 Netbank recently entered a partnership with V5 Pay Philippines to enable its partner merchants, from micro, small, medium enterprise (SMEs) and large corporations, with a more seamless and secured payment experience. The roll-out of these schemes will allow the V5 Pay platform to initiate and accept more transactions across all of its clients nationwide.
Being a new entrant in the Philippine market, V5 Pay is committed to ensure the security and efficiency of its payment infrastructure. Thus, entering strategic partnerships with other financial institutions that offer strong technological capabilities and integration methods via Open APIs are key elements for the development and enhancement of their payment system. “Netbank offered a straight-forward and holistic solution that allowed us to streamline both ends of our payments operations.” said Liu Yixin, V5 Pay’s Chief Technology Officer (CTO).
Netbank implemented a ‘Disburse-To-Account’ solution to beef-up V5 Pay’s payment distribution workflows wherein it enables disbursements of end-customer payments directly to partner merchants’ local bank accounts and e-wallets via Instapay and Pesonet. This allowed faster processing and disbursement of payments automatically from within V5 Pay’s platform. “Full steam ahead! With these additional channels tied to their platforms, V5 Pay can definitely put up a larger volume of transactions, ” said Vince Roldan, Netbank’s Solution Manager.
V5 Pay has also embedded Netbank’s Virtual Collection Account service. This simplifies end-customer payments, via bank transfer or convenient stores/payment centers, allowing simple tracking of the payer. Payments are faster and safer since reconciliation is immediate and automatic–without the need for manual reconciliation and/or system checks.
True to its purpose, Netbank ensures that its Open API Platform, Netbank Virtual, would have a straightforward user interface - which considers all types of users from owners, processors to developers. Netbank Virtual users can conveniently check transactions, test, and integrate relevant APIs for new workflows and innovations. “We were able to kick-off the project easily thanks to the openly-available API documentation and tools at our disposal such as the built-in Sandbox Environment and Partner Dashboard.” added Liu Yixin.
The partnership embodies Netbank’s goal to help fintechs further expand and enhance their capabilities through its Banking-As-A-Service solutions to scale and launch in no time.
The Disburse-To-Account and Virtual Collection Account Solution are now available on the recently launched Netbank Virtual platform which would address the need for automated disbursements and virtual collections to a wide range of digital payment wallets / providers in the Philippines.
About Netbank https://www.netbank.ph/
Netbank (a Rural Bank), Inc. is the first banking as a service platform in Southeast Asia operating via a bank license. It provides the full range of banking services, on a fully white-labeled basis, so that Filipino Fintechs grow fast and reduce their costs, thus accelerating financial inclusion and innovation. It provides simple, creative, low-cost solutions so that Fintech can open accounts, offer loans and manage payments.
About V5 Pay Philippines https://www.v5pay.ph/
V5 Philippines Corp. is a stock corporation registered with the Philippine Securities and Exchange Commission with a technical know-how on digital payments platform. In line with the Philippine government’s drive to promote the growth and development of digital payment innovations, V5 aims to provide a safe, convenient, and affordable digital payments platform
To learn more about V5 Philippines, go to www.v5pay.ph