BPI, DMCI Homes simplify payments for US-based buyers
MANILA, Philippines — Bank of the Philippine Islands (BPI) has partnered with DMCI Homes to let its US-based property buyers pay through their American bank accounts, simplifying overseas payments and the developer’s collections.
On Tuesday, the Ayala-led bank said DMCI Homes is the first developer to use its overseas collection arrangement (OCA), which combines digital enrollment, automated payment collection, and reporting.
READ: DMCI Homes partners with Pag-Ibig to widen housing access
Under the arrangement, customers first sign a contract with DMCI Homes and agree on an amortization schedule. The developer then sends a payment link that buyers can use to enroll their US bank accounts.
On one hand, DMCI Homes debits payments from the enrolled accounts and settles them accordingly. While, BPI said the service would help the developer receive payments faster, consolidate collections, and streamline reconciliation.
Additionally, DMCI Homes uses collection and settlement reports to track payments against expected receivables, ensuring that buyers’ payments are properly recorded and settled on time.
“The OCA provides us with a more seamless way to manage payments from our US-based customers, while giving us greater visibility over our collections,” said DMCI Homes president and CEO Alfredo Austria.
“This helps simplify our collection and reconciliation processes and allows us to serve our property owners better,” Austria said.
READ: DMCI profit jumped 26% in the first half to P11.4B
Meanwhile, BPI transaction banking head Edgardo Marcelo Jr. said the arrangement would ease payments for property owners while improving the developer’s operations.
“With the OCA in place, we look forward to DMCI Homes increasing operational efficiency, which would enable it to devote more of its time and resources to developing homes for Filipinos across the country,” Marcelo said.
Moreover, the service forms part of BPI’s transaction banking and cash management offerings for businesses managing collection, reconciliation, and settlement requirements.
Through OCA, Philippine-based businesses can collect payments from overseas customers and consolidate these with BPI. /pai
