The partnership between Netbank and Discovery Credit Solutions Corp comes during a period of decreased financial access to affordable and efficient services for many Filipinos, especially in rural areas. Both enterprises and individuals face challenges when trying to access loans, with them having to undergo complex processing times, limited payment options, and increased operational costs, which affect their financial stability and growth.
Netbank and DCSC supporting financial inclusion in the Philippines
By teaming up, Netbank and DCSC intend to develop a simplified and scalable platform that optimises loan management for individuals and businesses. The solution focuses on allowing DCSC to manage loan disbursements, collections, and account reconciliation. Also, the collaboration utilises Netbank’s knowledge in Embedded Finance to minimise operational complexities and costs, enabling DCSC to focus on offering augmented service to its clients.
Furthermore, the two companies are set to provide a fully integrated system that automates several processes, including loan disbursements directly to clients’ accounts, real-time transaction monitoring, and payment collections through QR Ph. These capabilities enable DCSC to simplify operations, decrease processing times, and increase customer satisfaction.
In addition to its partnership with DCSC, Netbank plans to continue to enter strategic alliances with fintech companies and credit solutions providers to scale financial inclusion in the Philippines. Utilising its Embedded Finance platform is set to allow Netbank to extend its services, equipping more businesses with access to cost-effective banking solutions.
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The collaboration with DCSC comes months after Netbank joined forces with
DragonPay, with the company deploying its Virtual Collection Accounts Solution for the latter to improve financial transactions and digital payment solutions across the Philippines. With the solution, Dragonpay was set to gain the ability to provide its clients with augmented collection features, utilising virtual accounts to optimise the reconciliation process, improve transaction accuracy, and minimise costs.
