Bank of the Philippine Islands, the third-largest lender in terms of assets, said Tuesday it teamed up with global payments network TerraPay to provide remittance solutions to help Filipino migrant workers send money to the Philippines in a faster and safer way.
TerraPay is a leading mobile-first global payments highway that offers simple, seamless and instant solutions to move money around the world. It is regulated and registered in 25 markets with tie-ups with different banks, mobile wallets, money transfer operators, merchants and financial institutions to facilitate borderless digital transactions.
The partnership forms part of BPI’s mission to continuously develop solutions for the ever-changing banking needs of Filipinos and deliver an enhanced digital banking experience.
TerraPay has a far-reaching network with 205 send countries and 103 receive countries across the world. With TerraPay’s reputation in building an expansive and inclusive international financial ecosystem, BPI expects the new partnership to further drive inward remittances.
Data from Bangko Sentral ng Pilipinas showed that cash remittances from OFWs reached $3.02 billion in August, which represented a 4.4-percent increase from $2.89 billion recorded in August 2021.