Fime Selected by BancNet to Boost Instant Payments in the Philippines

Fime has been selected by BancNet, the Philippine-based domestic scheme, to support the onboarding, testing and certification process for its instant payments service, InstaPay. BancNet is the Clearing Switch Operator (CSO) for InstaPay, and has been authorized by the central bank as an Operator of a Designated Payment System (ODPS), with InstaPay being a Prominently Important Payment System (PIPS).

Through BancNet, InstaPay-participating financial institutions will be able to utilize the Fime Test Factory platform to test their instant payments solutions based on the ISO 20022 specification, the international standard for financial messaging. The automated and cloud-based testing platform, combined with Fime’s support to BancNet throughout the testing process, will significantly reduce the time required to onboard InstaPay participating institutions. This will allow institutions to launch their instant payments services to their customers more quickly. As well as reducing time-to-market, the bespoke testing and certification platform ensures that InstaPay participants will experience the same seamless testing and certification journey.

Elmarie Reyes, CEO of BancNet comments: “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, comments: “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.”