V5 Pay Philippines augments digital payments through Netbank

Merchant acquirer V5 Pay Philippines has partnered with Netbank to offer its SME clients a new digital payments experience.  

Netbank implemented a ‘Disburse-to-Account’ solution to beef-up V5 Pay’s payment distribution workflows wherein it enables disbursements of end-customer payments directly to partner merchants’ local bank accounts and e-wallets via Instapay and Pesonet. This integration allowed faster processing and disbursement of payments automatically from within V5 Pay’s platform.

V5 Pay has also embedded Netbank’s Virtual Collection Account service. This benefits end-customer payments, via bank transfer or stores/payment centres, allowing tracking of the payer. Payments have increased processing since reconciliation is in real time and automatic, without the need for manual reconciliation and/or system checks.

Netbank ensures that its open API platform, Netbank Virtual, would have an intuitive user interface, which considers all types of users from owners and processors to developers. Netbank Virtual users can check transactions, test, and integrate relevant APIs for new workflows and innovations. The partnership represents Netbank’s goal to help fintechs further expand and develop their capabilities through its Banking-as-a-Service solutions.

Source: The Paypers

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