BayaniPay launches zero transaction fee cross-border real estate payment service in partnership with SMDC
LOS ANGELES, APRIL 18, 2023 – BayaniPay, a cross-border payments solution platform, has signed an agreement with SM Development Corporation (SMDC), the Philippines' largest and fastest growing real estate developer, to help Filipinos in the United States invest and acquire homes in the Philippines.
This partnership comes as BayaniPay unveils its real estate cross-border payments solution powered by BDO Remit – the remittance service brand of BDO Unibank. Through its web app, the digital financial service offers real estate customers the benefits of monthly auto debit, paying using an eligible funding source so they no longer have to open a separate bank account in the Philippines, and high exchange rates that lower costs. For real estate developers, this feature enables them to collect, automate, and reconcile payments with ease through a custom dashboard.
Unlike other cross-border payment service providers that charge fees for every transaction, BayaniPay lets its customers enjoy zero transaction fees as well as market-leading exchange rates.
Since 2021, BayaniPay has been delivering innovative cross-border payment solutions to the Filipino American community with the goal of reducing cost and providing convenience every time they send money home. With its expansion to customer-to-business services, BayaniPay creates opportunities for SMDC customers in the US to experience a better way to pay for their properties in the Philippines.
“BayaniPay has always been at the forefront of empowering Filipino immigrants by pioneering convenient and cost-free financial services,” said BayaniPay CEO Winston Damarillo. “We are honored to collaborate with the good guys of SMDC. Together, we will make cross-border real estate payments meaningful and rewarding for all.”
For SMDC, having a digital platform like BayaniPay that offers end-to-end service through online collection of one-time and recurring payments is crucial to the improvement of their business performance.
“SMDC understands and recognizes the demands of a borderless world. Our partnership with BayaniPay bolsters our continuing effort to reach more Filipinos in the US and help them experience living the good life,” said SMDC President Jose Mari H. Banzon. “That also means giving them innovative solutions that make the purchase of their properties easy and worry-free,” he added.
Through its collaboration with BDO Remit, BayaniPay amplifies its fintech capabilities to deliver more ways for global Filipinos to realize their dreams back home.
“True to our mission of finding ways to help our overseas Filipinos achieve their dreams of a better life for their families, BDO Remit is proud to be part of BayaniPay’s efforts to make digital financial services truly inclusive for our kababayans,” said Genie Gloria, Senior Vice President and Head of BDO Remit.
The real estate cross-border payment service on the BayaniPay web app is now available for customers in California, Hawaii, New Jersey and Alaska paying bills to the Philippines.
BayaniPay’s mission is to use technology to break down the borders in banking and level the playing field for all global professionals. Based in Los Angeles, its mobile-first service empowers global professionals working abroad to take financial care of their families and communities back in their home countries. BayaniPay Inc. is a collaboration among Talino, The Asian Journal, East West Bank, and Wavemaker Partners, and is the authorized agent of BDO Unibank, the Philippines’ largest bank. For more information, visit bayanipay.com.
BayaniPay is a fintech company, not a bank. U.S. banking products and services are offered through East West Bank, Member FDIC.
About BDO Remit
BDO Remit is the global remittance service brand of BDO Unibank. Overseas, BDO Remit has subsidiary offices located in Hong Kong; Macau; Tokyo; Daly City in the US; Toronto in Canada as well as in London, UK; while its representative offices are located in Beijing, Taipei, Seoul, Dubai, Paris and Milan. BDO Unibank holds the largest overseas Filipino market share for remittances coursed through banks as it has been named the “Commercial Bank that Generated the Largest Overseas Filipino Remittances” by the Bangko Sentral ng Pilipinas since 2008. Going beyond serving as a remittance channel, BDO Remit aims to nurture a lasting relationship with its clients through its efforts to empower them with financial literacy and by making BDO Unibank’s products and services available to Filipinos wherever they may be.
For more information, visit bdo.com.ph or follow https://www.facebook.com/BDOKabayan
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