Wise Direct Connection To Philippines' InstaPay Enhances Real-time Transfers
KUALA LUMPUR, Nov 5 (Bernama) -- Global technology company, Wise, has been granted direct access to InstaPay, the Philippines’ real-time payment system, and can also directly settle with the Bangko Sentral ng Pilipinas’ (BSP) real-time gross payment system, PhilPaSS Plus.
Wise’s direct connection to InstaPay will enhance the cross-border payment experience for nearly 13 million customers worldwide, and millions more users of some of the world’s largest banks and financial institutions, such as Bank Mandiri, who offer their customers international payments through Wise Platform.
Wise Country Manager for Philippines, Areson Cuevas in a statement said: “Six months after launching the Wise account and prepaid card in the Philippines, we are excited to be directly connected to InstaPay and to directly settle with PhilPaSSPlus.
“This milestone, following our successful direct integrations into five other payment systems worldwide, marks a significant step forward in our mission to make international payments faster, cheaper, and more convenient for our Filipino customers and our Wise Platform partners.”
The benefits of InstaPay include instant transactions in which Wise customers worldwide, including customers of Wise Platform partners, can now send up to 50,000 Philippine peso (PHP) from 28 currencies to the Philippines instantly. (100PHP = RM7.47)
Filipino customers can now fund their Wise account and card transactions quickly, affordably, and conveniently via bank transfers or e-wallets. This feature broadens access to the Wise Account, making it even easier for people to send and spend globally with Wise’s competitive exchange rate and low fees.
In addition, InstaPay provides Wise Platform partners quicker, cheaper, and more reliable payouts to the Philippines with high straight-through processing rates.
Wise has continued to invest in building direct connections to payment systems, starting with the United Kingdom in 2018 where Wise was the first non-bank to connect to the Faster Payment System.
That set the precedent for Wise to be granted direct access to payment systems in the European Union in 2020, as well as Singapore and Australia in 2021. Last month, Wise also received approval to join Japan’s domestic payment network, Zengin, and secured a Payment Institution licence to connect directly to Brazil’s instant payment system, PIX.
-- BERNAMA