UBX, the open financing platform in the Philippines, has signed a strategic partnership agreement with Bayad, the country’s authority in bill payments and Meralco’s full-service fintech subsidiary.
Under the agreement, i2i, the banking-as-a-service venture of UBX, will leverage the network of billers of Bayad, allowing i2i banking agents to process payments for Meralco and Home Credit. Throughout the year, the partners will add more billers to further promote greater convenience to customers.
“We are committed to constantly improving our services and bringing financial services closer to those who need them,” said John Januszczak, president and CEO, UBX. “Our partnership with Bayad will provide seamless bill payment transactions to our customers, allowing us to further strengthen our initiatives for financial inclusion.”
Currently, i2i has around 250 billers on its platform, including local utilities, schools, telcos, and more. This includes major players in different industries such as Philippine Airlines, Bayan Telecommunications, and even different universities throughout the Philippines.
By integrating its systems with Bayad, small businesses and residents of far-flung areas can also enjoy the efficiency and convenience of paying their bills through i2i agents.
As of end-2021, there are 3,000 i2i banking agents across the country and these include ordinary merchants like neighborhood store owners who provide the basic financial services to the most underserved and unserved communities.
“As we leverage on digital financial technology, we proactively respond to market developments and adapt innovations in banking,” said Lawrence Ferrer, president and CEO, Bayad. “With this, we partnered with UBX to make financial services more accessible and convenient to our fellow Filipinos. With our partnership, we will be able to help communities bounce back into the new normal. We at Bayad, will continue to create positive strides by expanding our bills payment solutions while offering the convenience of real-time posting.”
“Since Day One, our goal at i2i has always been to empower underserved communities with top-notch digital financial services. Thus, we are committed nonstop to formulating solutions which will improve their lives, one step at a time.” Januszczak said.