US-based international cross-border and remittance payments processor UniTeller Financial Services Inc. on Wednesday announced its partnership with local lender Security Bank Corp.
In a statement, UniTeller said that with Security Bank as its payer, Filipino immigrants living in the US will be able to send money to the Philippines “within a matter of minutes via direct account deposit.”
Cash pick-up is also available at any Security Bank branch or any automated teller machines (ATMs) across the Philippines.
With 314 branches and 777 ATM’s in its network, the addition of Security Bank as a payer of UniTeller increases the accessibility of digital payment channels for users, eliminating traditional pain points experienced by remittance customers in the past such as travel time and in-person transactions at remittance agent locations, the remittance payments processor said.
“With the Philippines being one of the biggest remittance-receiving markets in the world, it is important for us to expand our existing payer network in order to meet the sharp rise in demand for digital payments in recent months,” said Alberto Guerra, chief executive officer of UniTeller.
“Partnering with key market players such as Security Bank allows us to bring our cutting-edge solution with best-in-class security and compliance to more customers and achieve our goal of making financial services accessible to everyone,” Guerra said.
For his part, Security Bank executive vice president and Transaction Banking Group head John Cary Ong said the lender’s partnership with UniTeller comes at an opportune time.
“Filipinos here at home will be able to receive remittances from their loved ones in the US in a fast, secure, and safe way,” Ong said.
Noel Fernando Cristal, president and country director of UniTeller Philippines, said that UniTeller experienced a tremendous demand for digital remittances within the past year not only from the retail side but also from its business partners who are increasingly looking for partners that have proven capabilities in digital payments.
“As online payments continue to gain momentum, there is a real need to expand access to these channels to offer consumers more remittance options that are suitable and affordable to them,” Cristal said.
UniTeller Financial Services is a cross border payments company with a network of more than 175,000 paying locations worldwide. It offers coverage throughout Mexico, Latin America, and Asia.—AOL, GMA News