BPI partners with Westpac for payment exchange services

Bank of the Philippine Islands has entered into a strategic partnership with Australian banking giant, Westpac Banking Corporation, to facilitate fast fund transfers between Australia and the Philippines.

The facilitation of low-cost fast transfers of funds from Australia-based Filipinos to the Philippines is on track with the launch of payment service LitePay International (LitePay).

LitePay would send money from a Westpac account online, directly to Bank of the Philippine Islands (BPI) account within a short time frame and allow beneficiaries to access to account at any point in time.

“The Philippines is an important market for Australia and as the overseas payments industry continues to evolve, we look forward to extending this secure and internationally compliant, platform into other markets,” said Westpac head of transactional solutions, global transactional services, Mike Baldwin.

This service is the first of its kind from Australia into the Philippines, which Baldwin said would offer structured affordability to support Filipinos working in Australia to value transfers to family back to the Philippines.

Related Stories

Emerging affluent consumers in Asia were more likely to boost their savings by over 40 per cent if they were more digitally savvy, according to Standard Chartered.
Digitally-savvy customers save more
Affluent consumers are a vital engine of growth the Asian economy and need to be completely... Read More
Melbourne-headquartered ANZ will sell its retail banking business in Vietnam to South Korea’s Shinhan Bank’s Vietnam bank.
ANZ sells to Shinhan Bank
ANZ is expecting to finalise the sale of its retail banking business in Vietnam to Shinhan Bank by... Read More
Financial technology and banking experts gathered at the Australian Bankers’ Association Communique have spoken in favour of better access to open data.
Data sharing vital to future of banking industry
Finance professionals should be working to place the importance of customer’s interests at the... Read More
Westpac has this week announced a partnership with Samsung Electronics Australia in a bid to increase flexibility for demanding customers.
Westpac partners with Samsung Pay
Customers are increasingly after digital-first solutions and multiple e-payment offerings, and will... Read More

Comments