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June 24, 2024

Payment channel, PNB scale up cybersecurity standards

CIS Bayad Center Inc. has partnered with Philippine National Bank (PNB) led by bankero Wick Veloso to make it easier for Filipinos to settle payments electronically.

The country’s biggest and widest multi-channel payment platform and the Lucio Tan-led bank signed a memorandum of agreement (MOA) recently via a virtual ceremony.

The two companies forged a partnership that would allow Meralco postpaid customers to pay their bills real-time through the PNB Digital App.

Veloso said the PNB’s partnership with Bayad addresses the customer’s increasing preference for online transactions.

“Partnering with a reliable and trusted name fully supports our efforts to provide safer banking to our customers and the banking public,” the bankero said.

As the country enters a new phase in its history where new normal is characterized by going digital and contactless, the bankero added that “partnership is very timely as we are able to serve the bills payment needs of our customers while helping them stay safe at the same time.”

Bayad president and CEO Lawrence Ferrer said the platform takes on an ecosystem-oriented stance that is key in accelerating growth for our company, partners, and industry as a whole.

“We also continue to innovate and introduce key features in our system such as Bayad’s real-time posting of payments to offer them the ease and convenience of transacting with us,” Ferrer said.

This strategic partnership offers a one-stop-shop solution for the best customer experience. With Bayad as a payment gateway of PNB, both companies will eventually onboard more biller partners on the PNB Digital App, aside from Meralco.

To date, Bayad collects for more than 450 biller brands from basic utilities such as electricity and water, cable and internet, to government contributions and loan payments, school tuition fees, online shopping, insurance, and many others.