Home Banking & Finance Security Bank, PisoPay to launch remittance service
Security Bank, PisoPay to launch remittance service
SECURITY BANK Corp. is set to launch a remittance service in partnership with a financial technology firm for overseas Filipino workers (OFW) in Japan.
In a statement on Wednesday, Security Bank said its partnership with licensed remittance company PisoPay.com will allow fund transfers from Japan to be remitted directly to Security Bank, which can be transferred to any BancNet or Instapay member institutions.
The partnership allows overseas Filipinos in Japan to remit money through remittance centers or online via PisoPay’s application.
Security Bank will receive the funds, which can be disbursed though BancNet or Instapay, an automated clearing house under the National Retail Payment System.
Remittances can also be received through eGiveCash, Security Bank’s own interbank fund transfer facility, and will then be sent to the accounts of participating banks and non-banks.
“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,” Security Bank Executive Vice President and Transaction Banking Group Head Daniel U. Yu was quoted as saying in the statement.
“Through the partnership with PisoPay, OFWs can efficiently send money to their families while their families can easily pay bills through [interbank fund transfer], which reduces time spent from hours or days to just minutes.”
Remittances may also be withdrawn at any Security Bank automated teller machines (ATM) nationwide through the eGiveCash service.
Both the sender and the receiver will be notified regarding the transaction through a text message. The receiver can withdraw the money by keying in the passcode in the ATM.
Money sent home by Filipinos abroad reached $2.476 billion in August, 0.9% less than the $.499 billion wired to the Philippines a year ago, the Bangko Sentral ng Pilipinas said last week.
Filipinos in Japan were the fifth-largest source of inflows as of August, behind OFWs in the United States, Saudi Arabia, United Arab Emirates and Singapore.
Security Bank booked a net income of P4.3 billion in the first semester, down by 18% from a year ago primarily due to a continued decline in trading gains.
Security Bank shares stood at P145 apiece on Wednesday, down 4.35% or P6.60. — K.A.N. Vidal