The Bank of the Philippine Islands (BPI) forged a partnership with global payments network TerraPay as part of the bank’s unwavering commitment to provide remittance solutions to help Filipino migrant workers send money to the Philippines in a faster, safer, and hassle-free way.
TerraPay is a leading mobile-first global payments highway that offers simple, seamless, and instant solutions to move money around the world. It is regulated and registered in 25 global markets with tie-ups with different banks, mobile wallets, money transfer operators, merchants, and financial institutions, to facilitate borderless digital transactions.
The partnership forms part of BPI’s mission to continuously develop solutions for the ever-changing banking needs of Filipinos and deliver an enhanced digital banking experience.
“We are delighted to collaborate with TerraPay to enable acceptance of real-time payments across our well-entrenched network in Southeast Asia. Our priority is to ensure the convenience of Filipinos in sending remittances wherever they are in the world. As we boost our digitalization efforts, we are keen to facilitate easy and quick adoption of remittances across the region in service of consumers seeking secure contactless payments options,” said Reginaldo Anthony B. Cariaso, Head of Corporate Banking Strategy, Products, and Support, BPI.
Overseas Filipinos can now conveniently send their hard-earned money to their loved ones at home by remitting funds to a BPI account via TerraPay’s agents and channels.
TerraPay has a far-reaching network with 205 send countries and 103 receive countries across the world.
With TerraPay’s reputation in building an expansive and inclusive international financial ecosystem, BPI expects the new partnership to further drive inward remittances.
Data from Bangko Sentral ng Pilipinas showed cash remittances from OFWs reached $3.02 billion in August 2022, which represents a 4.4% increase from the $2.89 billion recorded in August 2021. Cash remittances sent through banks also jumped to $2.72 billion, a 4.3 growth from the $2.61 billion posted in the same period last year.