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.