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.
Delves into the “disbursement” concept, its role in releasing funds for specific business purposes and streamlining operations. It also highlights the Brankas Disburse API to enhance task efficiencies like payroll and merchant payments.
It can be challenging for banks and financial establishments to attract new customers, especially using the traditional account opening process. Many people simply do not have the time or patience to drive to the nearest bank, wait in line to talk to a representative, and fill out a bunch of forms to open a bank account.
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