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

‘AI will power the next wave of economic progress’: Jayne Opperman, Westpac
Speaking at the FST 2017 Future of Financial Services conference in Sydney, Opperman tempered... Read More
Westpac, CBA, NAB to co-develop 'next-gen' mobile payments app
The Commonwealth Bank (CBA), Westpac, and National Australia Bank (NAB) will co-develop the app,... Read More
Westpac unveils PayWear device for fashion-conscious consumers
Dubbed ‘PayWear’, the device includes a silicone band and ‘keeper’, which can be attached to an... Read More
Westpac launches ‘data accelerator’ program
Partnering with Sydney-based fintech hub Stone & Chalk, the FUELD accelerator program will give... Read More

Comments