PERA HUB by PETNET, a top financial service provider in the Philippines, partnered with Brankas in 2021 to launch a Digital Remittance Platform that allows the financial institution to share its API to banks, remittance companies, wallets, and fintech partners, enabling faster, cheaper, safer, and more accessible financial services.
PETNET’s mission is to serve the community in the Philippines with an array of transactional financial products and services such as Western Union money remittance, loans, insurance, payment facilities, foreign exchange, and more from over 3,000 locations nationwide. They also have a line of reputable partners including GCash, Maya, Remitly, Ayannah, Diskartech, and Rural Net to provide its users with a one-stop platform for all their essential financial services.
To provide better financial services to its community, PERA HUB seeks to deliver complementary products, cash, and payment-related solutions such as foreign exchange, bill payment, airline ticketing, cellphone loads, ATM withdrawals, micro-loans, and micro-insurance. Through its partnership with Brankas, the leading global Open Finance technology company, PERA HUB has its open API hub to commodify these products through its partner network, enabling its partners to easily integrate into its core remittance system.
The development of PERA HUB’s Digital Remittance Platform open API hub featured these key considerations:
In fact, by offering these remittance services on their applications, DSAs can potentially open new revenue channels to earn commissions on every customer transaction.
“PERA HUB aims to be a household name in the Philippines for essential financial services. With Brankas, we are well-positioned to be a leader in driving financial inclusion across the country. Aside from being able to implement the Open Finance Suite more quickly than expected, our partners and we are very impressed with how it has been to use and continuously manage the APIs.” said Bryan Makasiar, Digital Business Head at PETNET.
The full-scale Brankas Open Finance Suite allows banks and institutions to unbundle their banking stack into composable components. These can be sold and offered to third-party service providers to create new financial solutions as they innovate and present new ways to embed relevant financial services to improve customer experience.
Brankas and Paynamics partner to build open banking avenues for e-commerce companies, primarily in the Philippines, giving users a wider variety of payment options.
Southeast Asia has emerged as a hub for startups, thriving with opportunities for innovation. Embracing open finance is a crucial way for banks and financial institutions to stay ahead of the curve and serve currently unmet customer needs, opening up avenues to serve the underbanked.
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