Tonik, a neo or all-digital bank that recently launched in the Philippines, has now enabled interbank fund transfers through PESONet, an electronic fund transfer service. This service is initially available through RCBC, Landbank, PSBank, and CIMB, with other PESONet member banks expected to add the service in the coming months.

Tonik officially launched in the Philippines in March where it also secured over P1 billion pesos (around $20 million) in retail deposits in under one month. The neobank offers “accessible, flexible, and inclusive financial services, including  deposit interest rates of up to 6% per annum, and unique saving features such as its Solo Stash and Group Stash products, as well as Term Deposits.”

“Allowing easier and bigger interbank transfers to Tonik accounts through PESONet is just one of several features that we are introducing in our app that I’m sure will make our customers love us more,” said Greg Krasnov, founder and CEO, Tonik.

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Other plans in the pipeline, according to Tonik, are the launch of loan offers and expansion of payment options, as the financial technology space in the Philippines is continuously expanding.

Tonik is supervised by the Bangko Sentral ng Pilipinas (BSP) and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). Its unique cloud-based solution is powered by global financial technology leaders such as Mastercard, Amazon Web Services, and Finastra.