DigitalCFO Newsroom | 15 February 2022
Netbank launches Netbank Virtual, its Open API Platform to offer digital banking solutions to Fintechs, companies and businesses in the Philippines
Netbank, a fully-regulated bank that offers Banking-as-a-Service solutions has unveiled Netbank Virtual (https://virtual.netbank.ph),an openly accessible web-based platform where anyone can freely browse, test and integrate Netbank’s financial products and solutions.
“While some larger local banks have started to offer banking services through API, none have built the technology and the business from scratch, as we have done at Netbank,” said Gus Poston, Netbank’s co-founder. “We use the latest technology, which means we can offer services at much lower cost. Netbank Virtual will rapidly accelerate the collaboration between Fintechs and Banks; Netbank Virtual allows Fintech to offer a much wider range of services, which will accelerate innovation and achieve the BSP’s goals of greater financial inclusion.”
Netbank has engaged Brankas, a leading Open Finance technology company in Southeast Asia, as its trusted technology provider to build 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 Philippines. Todd Schweitzer, Brankas CEO, also added, “Together, Brankas and Netbank are helping enable the next generation of fintech businesses, expand financial inclusion, and give customers more choice and flexibility.”
Any company in the Philippines can now seamlessly embed financial solutions into their products and services, in a much more efficient and low cost manner 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 loans via digital channels such as white labeled mobile apps and banking-as-a-service APIs,” added Dave dela Paz, Netbank’s co-founder and Head of Netbank Virtual.
Netbank Virtual features a set of capabilities that allows self-service integration and end-to-end onboarding. The platform offers:
- multiple integration points: to allow entities to embed Netbank’s banking services to their processes either via direct API integration or the File Upload Platform.
- sandbox environment: to give entities access to an environment where they could test drive the different products and integration options and see how it fits their product/s or process/es.
- complete set of documentation: to allow business audiences to know the value of the product and for developers to start integrating without the need to contact the Netbank team.
- self-service onboarding process: to give the entities the option to easily onboard themselves as a Netbank Partner and go through the process of going live with the services with minimal Netbank intervention.
- full-suite dashboard: to give entities access to a full set of tools within our Partner Dashboard to generate their credentials, track their transactions, and manage their corporate bank accounts.
- embedded support ticketing 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, integration 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 in the pipeline) that can easily be accessed 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 which includes eKYC, account creation, and account management endpoints. Netbank is the first bank to provide Bank Accounts-as-a-Service via APIs in the Philippines.
- Disburse-to-Account: to allow entities to payout funds directly to any local bank/e-wallet account. With Netbank as a direct participant in the National Retail Payment System (NRPS), the bank can offer a direct and low-cost processing of inter-bank/wallet fund transfer (either via PESONet or Instapay).
- Virtual Collection Accounts: to allow entities to utilize the value of Virtual Accounts as a collection tool to easily track, monitor, and reconcile inbound payments.
- Loan Management: to allow entities to digitally create loan accounts. This is a complementary service to Netbank’s Loan Partnership Program where we collaborate with entities to operate on different lending structures to manage risks and costs.
- Card Management: to allow entities to create and issue Virtual and Physical Cards to their partners and/or their end-customers. With Netbank as a Mastercard member, the bank can extend their BIN and card issuance capabilities to entities as a solution.
“You can visit Netbank Virtual and sign up to access the full range of products and tools that the platform has to offer”, highlighted Dave. “The platform also has a Get Started page that details the standard end-to-end and step-by-step onboarding journey so partners can learn what to expect.”