RCBC, Bayad Center merge mobile payment solutions

Rizal Commercial Banking Corporation (RCBC) has partnered with payment platform CIS Bayad Center Inc. for the integration of basic account, lending, and Malayan insurance products into Bayad Center’s mobile application.

Bayad Center’s customer base of over 10 million will be able to access basic banking transactions such as savings account, loan application, travel, and health and personal accident insurance.

“This synergy is … a milestone, a reality that would redound to the benefit of all the unbanked and underserved Filipinos. We are committed in making this a huge success,” said Eugene Acevedo, RCBC president and CEO.

“This strategic collaboration with RCBC complements our digital agenda focused on purposeful automation and transformation. All these digital financial services such as savings, lending, and insurance would complete our compelling proposition to our customers nationwide,” said Ray Espinosa, Bayad Center chairman and Meralco president and CEO.

The partnership covers the cash-in and cash-out facility of RCBC’s DiskarTech in Bayad Center’s 34,000 touchpoints, the deployment of RCBC’s mobile ATM in select 500 Bayad Center branches catering to conditional cash transfer beneficiaries, and the Bankard-Bayad Center card, the s first utility credit card for enrolling automatic payment of customer’s monthly bills.

Over 2,000 billers of Bayad Center will be available in the bank’s mobile app, online banking, and Diskartech.

RCBC said it will also utilize the alternative credit scoring algorithm for new-to-credit Filipinos enabling Bayad Center app users to quickly avail of affordable and immediate access to credit, in compliance with data privacy laws.

Credit decisions will be done using the customer’s utility bill payment behavior upon his or her consent.

“This shared vision of providing more innovative and creative ways for Filipinos to have better access to financial services with Bayad Center accelerates our goal of having a financially inclusive nation,” said RCBC chief innovations and inclusion officer Lito Villanueva.

“Together with RCBC, we are able to provide the luxury of convenience for providing a whole suite of digital financial services beyond payments by utilizing the next-generation mobile payment application,” Bayad Center president and CEO Manny Tuason said. —VDS, GMA News