Wise Integrates with PESONet for High Value Transfers in Philippines

Global cross-border payments platform Wise has now fully integrated with the Philippines’ online payment systems, gaining access to the PESONet gateway.

This follows its previous integration with the real-time transfer service InstaPay and direct settlement through the Bangko Sentral ng Pilipinas’ (BSP) PhilPaSS Plus system.

Wise is integrating with PESONet to remove limits and delays when its customers send large sums of money for purposes such as overseas tuition or remittances.

Wise stated that its direct connections with local payment systems have reduced fund transfer costs, with fees for a PHP 50,000 transfer to a US dollar account dropping by over 10%.

In a separate development, Wise has also partnered with the Philippine Statistics Authority (PSA) to integrate its platform with the National ID eVerify system. This will allow Filipino users to authenticate their accounts using their National ID in card, paper, or digital format.

“With direct access to both InstaPay and PESONet, plus streamlined National ID verification, we are removing barriers to transparent, affordable international money transfers,” said Wise Philippines Country Manager Areson I. Cuevas.

PSA Undersecretary and National Statistician Claire Dennis S. Mapa commented on the collaboration’s goal to improve financial access.

“With over 88 million Digital National IDs already available… we are empowering millions of Filipinos — regardless of their location or background — this is a significant step towards financial inclusion,” Mapa said.

Featured image: Edited by Fintech News Philippines based on images by aileenchik and qalebstudio via Freepik.