Security Bank Corp. announced a partnership with a fintech remittance company in a bid to make it easier for Filipinos in Japan to send money home.
In a statement, Security Bank said it teamed up with PisoPay.com, whose platform allows the transfer of money through remittance centers or online channels.
The partnership will allow remittances from Japan to be transferred directly to any BancNet and Instapay member institution like Security Bank. The bank then receives the money, which can be easily disbursed through its Inter Bank Fund Transfer (IBFT) or Instapay facility, and eGiveCash. Security Bank’s IBFT facility will enable recipients of the remittance to seamlessly transfer funds between accounts of participating banks and nonbank issuers in the Philippines.
“Thousands of OFWs (overseas Filipino workers) residing in Japan regularly send money to the Philippines to support their families. We want to be able to provide a channel that is guaranteed safe, quick and cost-effective. Through the partnership with PisoPay, OFWs can efficiently send money to their families while their families can easily pay bills through IBFT, which reduces time spent from hours or days to just minutes,” Security Bank execute vice president and transaction banking group head Daniel Yu.
Figures from the Bangko Sentral ng Pilipinas showed some $18.5 billion in overseas remittances from January to July this year. The company said a significant portion of this came from Japan.
Security Bank said the funds sent home could also be withdrawn at any Security Bank automated teller machine (ATM) nationwide through the GiveCash service. This feature allows individuals, even nonaccount holders, to use the bank’s more than 700 ATM units.
Security Bank said that while there was an average of 14,000 transactions happening a month via PisoPay app, there was still a huge potential for growth in OFW remittances. —MIGUEL R. CAMUS