Global Payout, which provides B2B e-payment solutions, has expanded the reach of its proprietary MoneyTrac consolidated payment gateway (CPG) platform to the Philippines.
MoneyTrac users can send secure payments to their employees and business partners through virtual accounts that they can configure to meet their specific payment needs, sending funds to their bank accounts in supported countries, to a debit card or a credit card, or
to another person on the system, for example.
Bill Rochfort, President and VP of Sales, commented, "The Philippines has a population of approximately 98 million people and there are over 10 million more Filipinos living around the world in 170 countries whom are labeled as Overseas Filipino Workers (OFWs). With nearly 3.4 million OFWs in America, 2 million in the Middle East, and over 1.6 million in Pacific Rim countries, the opportunity to provide financial services to 'unbanked' and 'under-banked' Filipinos is very significant.
"By providing mass payment services, payroll capabilities, automated clearing house (ACH), prepaid instant issue debit cards, and easy to use money transfer and remittance capabilities, we are able to provide valuable access to financial services to a considerable percentage of the 2.5 billion unbanked and under-banked adults in the world. We consider the Philippines as pivotal to our growth," he concluded.
The Philippines joins a growing list of countries supported by Global Payout, including China, Malaysia, Canada, Germany, England and SEPA (Single Euro Payments Area) within the European Union.