Metrobank was awarded Remittance Product of the Year at The Philippine Awards 2019
- InstaPay, a game changer for Metrobank in remittances
- Strong system integration with real impact on customer services
- Above industry average leading growth in transaction volume
Manila, 10 October 2019 -Metrobankreceived Remittance Product of the at The Asian Banker Philippine Awards 2019. The awards ceremony was held in conjunction with The Asian Banker Finance Philippines, the foremost annual meeting for decision makers in the financial services industry in the Philippines, held on 10th October at Shangri-La at the Fort, Manila.
From left to right: Faith Masekesa, senior researcher for Africa, The Asian Banker; the Metrobank team; (fourth from left) Foo Boon Ping, managing editor and Wilson Chia, international resource director, The Asian Banker
InstaPay, a game changer for Metrobank in remittances
This bank was the first big bank in the Philippines that was able to integrate InstaPay to its own remittance back end system and to offer this architecture via API to global remittance fintech companies without asking to change their system. Leveraging on InstaPay for this bank resulted in almost real time transactions and a reduction in cost. The bank fully migrated to InstaPay by end of 2018, and is among the leading sending institution.
Strong system integration with real impact on customer services
In case of a network-related transaction account to account error, the system will automatically retry for two hours so the consumer does not have to initiate the transaction again. An added advantage is that Metrobank’s system automatically allocates transactions to InstaPay (<P50K) or PESONet (>P50K), which customers still need to indicate in other banks.
Above industry average leading growth in transaction volume
As a result, average monthly transaction volume for InstaPay and PesoNet grew 2.7 times from 2018 to first half of 2019. Gross remittance billings have grown at 23% year-on-year in the first half 2019 versus industry growth of 3%. At the same time, the bank’s market share in gross billings increased by 3%. Those results were on the back of relatively lower spent on marketing in remittances compared to its larger peers.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The Singapore-based company has offices in Singapore, Malaysia, Manila, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services and forums. The company’s website is www.theasianbanker.com
Visit The Asian Banker Philippine Awards 2019 gallery at https://www.facebook.com/pg/TheAsianBanker/photos/?tab=album&album_id=10157617993744804&ref=page_internal
For further information, you may get in touch with:
Mr. Alfred Labicassi
The Asian Banker