29 May 2017
Postbank fueled its remittance services by partnering with four of the recognized remittance service providers in the industry in 2017. These includes partnership and contract with Cebuana Lhuillier Pawnshop, Land Bank, Mohur, Inc./ 247 RemitPlus and Transfast Worldwide Remittance Company/ New York Bay Philippines.
With about 30 years in the business, the PJ Lhuillier Group of Companies (PJLGC) is a dynamic, multi-industry company that owns and operates businesses dealing with financial services such as pawning, remittance, microinsurance, and business to business micro loan solutions. The P.J. Lhuillier, Inc. (PJLI) is the proud parent company of the Cebuana Lhuillier Pawnshop, one of the leading and largest non-bank financial services provider in the Philippines with over 2,200 branches nationwide.
LAND BANK which runs the Land Bank Remittance System (LBRS) or the Easy Padala is another e-banking innovation. It is a web-based remittance system (LANDBANK Remittance System) available to overseas Filipinos that facilitates a fast and secure way of sending their hard-earned money to their beneficiaries on a near real time basis wherever they may be.
Mohur Inc. is the first (1st) Remittance Platform Provider registered at the Bangko Sentral ng Pilipinas (BSP) and Anti-Money Laundering Council (AMLC) and also the first (1st) Remittance and Transfer Company (RTC) authorized by the Anti-Money Laundering Council (AMLC) Secretariat to use Digital Registration and ID Process or Electronic Know-Your-Customer (eKYC) for its Customers by virtue of AMLCS Opinion No. 17-08 dated 30 June 2017. It is also the first (1st) Philippine Company which copyrighted Money Transfer Platform with Anti-Money Laundering (AML) Solutions at the Intellectual Property Office of the Philippines.
On the other hand, Transfast Worldwide Remittance Company is an international money transfer and cross-border payments company with headquarters in New York and additional offices in UAE and the Philippines. The company is a provider of multi-currency, cross-border payments solutions for consumers and businesses around the world. Remittances are processed through its wholly owned direct-to-bank network, and the company offers 200,000 cash payout points across 120 countries.
Postbank is finalizing and addressing issues to finally run and implement the tie-up with Cebuana Lhuillier. For the LBRS, Postbank will be a payout partner and will soon start the operations. Likewise, for the Mohur, Inc. partnership, Postbank has already introduced its remittance solutions, the 247 RemitPlus wherein the system can be used as a sending and payout agent. On the other hand, Transfast has been operational wherein Postbank branches serves as a payout agent of remittances coming from abroad.
With the conversion of Postbank into Overseas Filipino Bank (OFBank), more partnerships will be forged with other remittance system providers that will widen its scope in providing accessible, more secured and cheaper remittance services to support the overseas-based Filipinos all over the world.