Security Bank, PisoPay launch easy-remittance for OFWs in Japan

Thousands of OFWs residing in Japan regularly send money to the Philippines to support their families. We want to be able to provide a channel that is guaranteed safe, quick and cost-effective

DANIEL YU

Security Bank EVP & Transaction Banking Group Head

Security Bank has partnered with PisoPay.com, a new financial technology and licensed remittance company, to offer a more convenient remittance service to Overseas Filipino Workers (OFWs) in Japan. The partnership will allow remittances from Japan to be transferred directly to any BancNet and Instapay member institution like Security Bank.

PisoPay.com allows OFWs to remit money either via remittance center or online through its application.

Security Bank then receives the money which can be easily disbursed through its Inter Bank Fund Transfer (IBFT) or Instapay facility, and eGiveCash. Its IBFT facility will enable recipients of the remittance to seamlessly transfer funds between accounts of participating banks and non-bank issuers in the Philippines.

Figures from the Bangko Sentral ng Pilipinas (BSP) show that there is a total of USD 18.5 billion in remittances from January to July 2018, a big chunk of this transaction coming from OFWs in Japan.

“Thousands of OFWs residing in Japan regularly send money to the Philippines to support their families. We want to be able to provide a channel that is guaranteed safe, quick and cost-effective. Through the partnership with PisoPay, OFWs can efficiently send money to their families while their families can easily pay bills through IBFT, which reduces time spent from hours or days to just minutes,” said Security Bank EVP & Transaction Banking Group Head Daniel Yu.