A Glimpse:
- Ren helps BPI to scale up its digital banking ecosystem, unlock more capabilities, and connect fintechs to banks.
- BPI avails Ren’s capability to translate messages to ISO20022 as a cheaper, faster, and better alternative than building the capability internally.
A brief on the Bank of the Philippine Islands (BPI)
BPI has a long history of establishing client trust, financial strength, and innovation as the first bank in the Philippines and Southeast Asia. Since 1851, the bank has created sustainable value and played an important role in the daily lives of Filipinos as well as in the economic development of the nation.
According to its total assets, BPI is one of the largest banks in the Philippines, and by the end of 2022, the bank had a total asset value of PHP 2.6 trillion, emerging as the most valuable bank in the country.
Triggers for Change
The Philippine government’s interest towards building a state-of-the-art real-time payments (RTPs) ecosystem in the country initiated an innovative transformation in the banking environment.
BPI’s strategic imperatives of digitization, customer obsession, and sustainability in support of its mission of building a better Philippines – one family, one community at a time makes it a leading solution provider in the evolving digitized environment.
Needs and Challenges
ISO 20022 is an ISO standard for electronic data interchange between financial institutions, market infrastructure and bank’s customers.
For banks and fintech, it is pertinent to comply with ISO 20022 in order to continue banks’ payment processing systems seamlessly.
Undoubted BPI is well-positioned to continue leading the digital transformation and all it needed was a reliable and efficient technology partner.
Why Euronet’s Ren?
BPI joined hands with Euronet – a technology solutions provider with a track record of successful technology implementations. Euronet executed Ren, its real-time payment solution to provide the rails to enable BPI with access to RTP services for its customers.
With Ren, BPI has the support of a modern payments platform that specializes in processing mission-critical transactions and creates innovative experiences in the sphere of core switching, acquiring, issuing, and payment hub.
One of the Ren’s payment hub capabilities is to provide message translations (ISO 20022, etc.), workflows, connectivity, and overlay services to enable institutions to participate in global real-time and high/low payment networks.
How Did We Help?
Ren paves the way for BPI to offer a plethora of payment capabilities, including value-added services such as QR, proxy, account linking, and debit pull.
Moreover, rather than building the capability internally, BPI utilized Ren’s expertise to translate messages to ISO20022, which makes for a budget-friendly, faster, and better alternative.
Also, Ren makes the transition to ISO 20022 much easier with its mapper functionality and infinitely extensive messaging format, allowing BPI to adopt the gold standard for financial information for its real-time payment services.
As a result, Ren helps BPI’s vision of becoming more scalable and agile while catering to its digital projects. In addition, the bank can be able to build new and innovative services that can be built atop new rails.
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