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Philippines-based financial platform Wise now supports high-value transfers via PESONet, streamlining international money transfers.

High-value international transfers can now be executed seamlessly through Wise's integration with the PESONet gateway, eliminating previous constraints and delays.

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High-value transactions in the Philippines now accessible through Wise's integration with PESONet.
High-value transactions in the Philippines now accessible through Wise's integration with PESONet.

Philippines-based financial platform Wise now supports high-value transfers via PESONet, streamlining international money transfers.

In a significant move towards financial inclusion, global cross-border payments platform Wise has partnered with the Philippine Statistics Authority (PSA) to integrate its platform with the National ID eVerify system. This collaboration aims to improve financial access for millions of Filipinos.

The integration allows Wise to remove limits and delays when customers send large sums of money, such as for overseas tuition or remittances. Wise Philippines Country Manager, Areson I. Cuevas, commented on the integration, stating that it removes barriers to transparent, affordable international money transfers.

With this partnership, Filipino users can authenticate their accounts using their National ID in card, paper, or digital format. Over 88 million Digital National IDs are already available, making the process seamless and convenient for a majority of the population.

The integration with the National ID eVerify system and local payment systems has resulted in reduced fund transfer costs. For instance, fees for a PHP 50,000 transfer to a US dollar account have dropped by over 10%.

It's worth noting that Wise has previously integrated with InstaPay and the direct settlement system PhilPaSS Plus of the Bangko Sentral ng Pilipinas (BSP), giving it access to the PESONet gateway.

Undersecretary and National Statistician Claire Dennis S. Mapa also commented on the collaboration's goal, emphasising its potential to improve financial access.

Wise offers users the opportunity to receive the latest Fintech Philippines News once a month in their Inbox. However, it's important to note that this is an advertisement and not a fact.

The partnership between Wise and PSA is a significant step towards making international money transfers more accessible and affordable for Filipinos. As Wise continues to expand its reach in the Philippines, we can expect to see more improvements in the country's financial landscape.

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