(left to right) PisoPay.com Director Jin Su Kim, PisoPay.com President Ariel B. Surca, SBC EVP & Transaction Banking Group Head Daniel U. Yu and SBC FVP & Corporate Banking Financial Institution Head Imelda Marie Amora with the working teams from both institutions
Security Bank has partnered with PisoPay.com, a new financial technology and licensed remittance company, to offer a more convenient remittance service to Overseas Filipino Workers (OFWs) in Japan. The partnership will allow remittances from Japan to be transferred directly to any BancNet and Instapay member institution like Security Bank.
PisoPay.com allows OFWs to remit money either via remittance center or online through its application. Security 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 non-bank issuers in the Philippines.
Figures from the Bangko Sentral ng Pilipinas (BSP) show that there is a total of USD 18.5 billion in remittances from January to July 2018, a big chunk of this transaction coming from OFWs in Japan.
“Thousands of OFWs 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,” said Security Bank EVP & Transaction Banking Group Head Daniel Yu.
Security Bank added that remittances may also be withdrawn at any Security Bank automated teller machine (ATM) nationwide through the eGiveCash service. This feature allows individuals, even non-account holders, to utilize the Bank’s more than 700 ATM units.
“With eGiveCash, both the sender and receiver will be notified via text message regarding the transaction. The receiver will only need to key in the passcode in the ATM – no IDs to present and no forms to fill out,” Yu added.
Security Bank said that while there is an average of 14,000 transactions happening per month via PisoPay app, there is still a huge potential for growth in OFW remittances.
Security Bank’s Corporate Utility ePayment was recognized as the “Best Technology Implementation–Back Office” and its eGiveCash service was highly-commended as “Best Product or Service Innovation” during the Customer Experience in Financial Services Summit and Awards 2018 in Singapore. More recently, the Bank was hailed as “Best Bank in the Philippines” by Global Finance.