Netbank, a fully regulated bank that offers Banking-as-a-Service solutions, has unveiled Netbank Virtual (https://virtual.netbank.ph), a freely accessible web-based platform where anyone can freely browse, test and integrate Netbank’s financial products and solutions.
“While some large local banks have started offering banking services via API, none have built the technology and the business from the ground up, like we did at Netbank,” said Gus Poston, co- founder of Netbank. “We use the latest technologies, which means that we can offer services at a lower cost. Netbank Virtual will quickly accelerate collaboration between Fintechs and Banks; Netbank Virtual enables Fintech to offer a much wider range of services, which will accelerate innovation and achieve BSP’s goals of greater financial inclusion.”
Netbank has engaged Brankas, one of Southeast Asia’s leading crowdfunding technology companies, as a trusted technology provider to create and deliver this service. “Netbank is transforming access to banking services, with a new approach that enables any business to offer fintech solutions,” said Krizelle Lazatin, Brankas Territory Manager for the Philippines. Todd Schweitzer, CEO of Brankas, also added, “Together, Brankas and Netbank are helping to activate the next generation of fintech companies, expand financial inclusion, and give customers more choice and flexibility.”
Any business in the Philippines can now seamlessly integrate financial solutions into their products and services, much more efficiently and at a lower cost than through traditional channels. “By combining Brankas’ technical expertise with Netbank’s Banking-as-a-Service approach, we can provide automated account opening, payments, disbursements, cards and even lending through digital channels such as white label mobile apps and banking as a service API,” added Dave dela Paz, co-founder of Netbank and head of Netbank Virtual.
Netbank Virtual offers a set of features that enable self-service integration and end-to-end integration. The platform offers:
several points of integration: to enable entities to integrate Netbank’s banking services into their processes either through direct API integration or through the file upload platform.
sandbox environment: to give entities access to an environment where they could test out the different products and integration options and see how it fits with their product(s) or process(es).
full set of documentation: to allow the professional audience to know the value of the product and developers to start integrating without the need to contact the Netbank team.
self-service onboarding process: to give entities the ability to easily onboard as a Netbank partner and go through the service commissioning process with minimal intervention from Netbank.
complete dashboard: to give entities access to a comprehensive set of tools in our Partner Dashboard to generate their credentials, track their transactions, and manage their corporate bank accounts.
integrated support ticket system: to give entities access to an easy-to-use tool to get in touch with the Netbank team for any type of request – inquiry, customization, onboarding support or issue escalation.
As part of the launch, Netbank Virtual will showcase its first batch of open financial services (along with the other products under development) easily accessible through the site.
Account as a service: to allow entities to digitally open bank accounts for themselves, their partners or their end customers. The service is a complete bank account management solution that includes eKYC, account creation and account management terminals. Netbank is the first bank to provide bank accounts as a service through APIs in the Philippines.
Disbursement to account: to allow entities to disburse funds directly to any local e-wallet/bank account. With Netbank as a direct participant in the National Retail Payments System (NRPS), the bank can offer direct and inexpensive processing of interbank/wallet funds transfers (via PESONet or Instapay).
Virtual collection accounts: to enable entities to use the value of virtual accounts as a collection tool to easily track, monitor and reconcile incoming payments.
Loan management: to allow entities to digitally create loan accounts. This is a complementary service to Netbank’s Lending Partnership Program where we partner with entities to operate on different lending structures to manage risk and cost.
Card management: to allow entities to create and issue Virtual and Physical Cards to their partners and/or end customers. With Netbank as a Mastercard member, the bank can extend its BIN and card issuance capabilities to entities as a solution.
“You can visit Netbank Virtual and Register to access the full suite of products and tools the platform has to offer,” Dave pointed out. “The platform also has a Home Page which details the standard end-to-end, step-by-step onboarding journey so partners can know what to expect.
Get started in 2 easy steps!
Register – create your virtual Netbank account and access a full range of products and services.
To start – familiarize yourself with the steps throughout our self-integration process.