REN Connect Payments Software from Euronet Worldwide, Inc. to Enable Real Time Payments Capabilities for Bank of the Philippine Islands
BPI will implement REN Connect, a product within Euronet’s REN Ecosystem of payments technologies, to rapidly interface to the new ISO 20022 standards utilized by Instapay and integrate them with the bank’s channels.
ISO 20022, a new messaging standard that has become the universal language for real time transactions, offers richer data and improved remittance information and enables banks to create innovative business services that make full use of a real time payments infrastructure. As a result, banks around the world are migrating their existing interfaces to payment infrastructures such as Instapay to the ISO 20022 messaging standard to provide flexible payment structures with benefits such as efficient reconciliation, enhanced invoice information at scale, and fewer manual processes to reduce DSO and improve working capital.
BPI also will use Euronet’s REN Connect GO products, commonly referred to as digital payments overlay services, with its Instapay real time payments connection to offer new streamlined real time payments experiences such as request to pay, proxy services and bill payments for the bank’s retail and corporate customers.
“As real time payment systems become mainstream, banks require modern technologies to transform their legacy message structures to the new standards that allow them to provide better user experiences and enhanced features to their clients,” said
“BPI has always been at the forefront of delivering exceptional payments experiences for our retail and business customers,” said
About Bank of the Philippine Islands (BPI)
As the first bank in
Euronet Worldwide is an industry leader in processing secure electronic financial transactions. The Company offers payment and transaction processing solutions to financial institutions, retailers, service providers and individual consumers. These services include comprehensive ATM, POS and card outsourcing services, card issuing and merchant acquiring services, software solutions, cash-based and online-initiated consumer-to-consumer and business-to-business money transfer services, and electronic distribution of digital media and prepaid mobile phone time.
Stephanie TaylorDirector of Financial Planning and Investor Relations Euronet Worldwide, Inc.+1-913-327-4200 firstname.lastname@example.org
Source: Euronet Worldwide, Inc.