US-based online payment facility works with DICT

CEBU, Philippines - New York based online payment provider Payoneer commits to work closely with the Department of Information and Communications Technology (DICT) in expanding the opportunity of Filipino freelancers and businesses to access the world market.

"There is never been better time to recognize the global opportunity that is available to us," said Payoneer Philippines country manager Miguel Warren in a press conference over the weekend at the Cebu City Marriott Hotel.

Warren said the company will coordinate and work hand in hand with the DICT as it currently pushes for the growth of rural outsourcing and promote freelancing jobs in the countryside.

Payoneer is a financial services business that provides money transfer and eCommerce payment services. Its account holders can receive funds into their bank account or e-wallet or via a re-loadable prepaid debut card that can be used at points-of-purchase.

The company, which entered the Philippines in 2009, is now servicing Filipino Online Workers (FOWs), freelancers, and small and medium businesses, including SME call centers started by Filipinos.

"The Philippines is one of the top five online outsourcing countries globally. We see a lot of opportunities to work with cross borders service providers, freelancers and start-up entrepreneurs, and help them grow their business internationally," added Warren.

Warren highlighted the thrust of the Philippine government through DICT to push for the growth of rural outsourcing, as Payoneer's service will accelerate the upward movement of this program.

"Small BPOs and SEO [search engine optimization] agencies in the Philippines have long been using other options to receive funds from international clients. We can help him receive more pesos through lower fees and higher foreign exchange rate, while offering additional ways to receive cross border payments," added Warren.

In the Philippines, any bank that has swift code can be automatically legible as Payoneer partner-bank.

A swift code is a standard format for Business Identifier Codes (BIC) and it is used to uniquely identify banks and financial institutions globally.

There are at least 80 banking institutions in the country that already has this code, which makes it easier of Payoneer user to transact business all over the world.

"This is like having an account abroad with no minimum maintaining balance," he added.

Payoneer provides online payment solutions to leading brands like Airbnb, Amazon, Google, Upwork, and millions of small businesses around the world.

With over three million users worldwide, Payoneer operates in more than 200 countries and handles over 150 currencies. (FREEMAN)