Fime and BancNet, two pivotal players in the financial technology sector, have formed a strategic partnership aimed at enhancing instant payment services in the Philippines.
Fime, renowned for its consulting and testing services across payments, smart mobility, and digital identity, leverages its expertise to aid organisations in launching secure and trusted solutions.
The collaboration between Fime and BancNet is primarily geared towards bolstering the InstaPay service. By enabling financial institutions participating in InstaPay to utilise Fime’s Test Factory platform, the partnership ensures these institutions can efficiently test and launch their instant payment solutions in compliance with the ISO 20022 international standard for financial messaging.
The integration of Fime’s automated and cloud-based testing platform is set to reduce the time required for InstaPay participants to onboard, thereby accelerating the availability of instant payment services to consumers. This streamlined process not only cuts down the time-to-market but also ensures a seamless testing and certification experience for all stakeholders involved.
Elmarie Reyes, CEO of BancNet, praised the longstanding support from Fime, stating, “Since 2014, Fime has supported our mission to enable the safe, efficient and reliable delivery of payment services in the Philippines. With Fime’s continued support, we can do our part in helping the financial industry to further increase adoption of InstaPay, helping more citizens to make payments instantly anywhere, anytime.”
James Daniels, SVP of Asia Pacific at Fime, also commented on the enduring partnership, “We look forward to building on our ten-year partnership with BancNet to help take its InstaPay service to the next level. Our goal is to support BancNet to bring its members into the ecosystem quickly and efficiently. We are proud to support this journey to drive financial inclusion and digitalization in the Philippines through the automated test tool facilitating convenient, easy and cost-effective payments.”
Fime excels in transforming powerful innovations into the future of trusted transactions. With a team of over 900 experts worldwide, the company offers a blend of global cross-industry perspective and local insights, speeding up product market entry and competitive positioning for its clients.
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