The advanced payment infrastructure allows any payers to connect with Viamericas to provide remittance services for Filipino communities. This network aims to improve the process of sending and receiving money in the Philippines. With an API available for connecting, payers can receive funds from abroad through faster, more affordable, and secure transfers.
Moreover, financial institutions, payment service providers, and fintech companies can connect to this network through Viamericas’ API. By integrating this option, payers of varied sizes can use the network’s facilities and expand their service offerings while retaining full control over their customer experience.
The open payment network allows customers in the US and Canada to send funds to anyone within the network, regardless of their financial service provider. By using an existing payment infrastructure and integrating multiple systems, the network upgrades the accessibility and efficiency of money transfers to the Philippines.
As one of the largest remittances markets, the Philippines receives international transfers of billions of dollars. According to Viamericas’ officials, the open payment network can expand the reach of their services and accelerate the transaction speed.
The launch of the open payment network follows the earlier announcement in 2025 regarding Viamericas' cash-to-cash money transfer service. The solution is now available at representative locations across the US and intends to improve the way customers send and receive money. The peer-to-peer nature of these transfers makes the process simple and efficient, ensuring the funds arrive at their destination.
The number of digital remittance users in the US is expected to grow to 3.04 million by 2027, and the transaction value is projected to reach USD 32.82 billion in the same year. This rise is in line with the global remittance market, where USD 669 billion was sent to low and middle-income countries in 2023. Notably, more than half of these funds went to areas populated by underbanked or unbanked individuals who need cash payout solutions, underscoring the increasing demand for accessible cash payout solutions as digital remittance adoption continues to grow.
However, this growth also brings challenges. Service providers and non-bank financial institutions offering credit and deposit services face concerns regarding fees. In 2023. Sending USD 200 via digital remittance costs an average of 4.96% of the total amount, while mobile operations were slightly cheaper at 4.35%. As the industry works toward reducing costs to the targeted 3%, digital remittances not only improve accessibility and security but also align with the United Nations Sustainable Development Goals, which aim to facilitate financial inclusion and reduce costs by 2030.
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