The Bank of the Philippines launched a digital platform specifically developed to meet the needs of micro, small, and medium enterprises (MSMEs). BPI BizKo is an app- and web-based platform that will provide an integrated system for invoicing and collection.
MSMEs will be able to access their account information such as balances, deposits, and payables, regularly pay employees, suppliers, utilities, and government dues, create digital invoices under their business name, get invoice number reminders to avoid duplication, and receive and monitor payments through its intuitive invoicing system.
“With BizKo, we aim to provide individuals and businesses an efficient, inclusive, safe, and secure digital payments ecosystem to reinforce our commitment to being the MSMEs’ partner-of-choice,” said Ana Sison, head of BPI Transaction Services Division. “BPI BizKo aims to address the pain points and ease the challenges of MSMEs in cash and liquidity management so they can focus on keeping their businesses afloat, finding opportunities to boost profitability, and supporting their employees, partners, customers, and their own families and communities.”
Compared to opening a corporate account, BPI BizKo offers flexible subscription plans available in monthly and annual terms that start at P50 for basic and P100 premium per month. It also does not require an average daily balance.
“We launched BPI BizKo to make business transactions more seamless and efficient for MSMEs, enabling them to save both time and money, even amid the uncertainties today,” said Eric Luchangco, head of Business Banking at BPI.
With BPI BizKo, MSMEs can handle everyday financial and accounting processes without the need to move funds to another e-wallet or bank account, or physically go to the branch. This helps in streamlining the cash flow to and from their partners and customers for more accurate and hassle-free monitoring.