Digital Banking Platform Komo Companions Open Banking Service Brankas to Supply In-App Deposits in Philippines

Komo, a digital banking service developed by East-West Banking Company (EastWest) (PSE: EW) within the Philippines, has teamed up with Open Banking service supplier Brankas with a view to help prompt in-app deposits.

Via this partnership, Komo customers will be capable to immediately top-up their stability by way of the app.

Customers simply must enter the quantity they wish to top-up and select a supply financial institution by means of Brankas’ safe (software program improvement equipment) SDK stream with a view to deposit funds to their Komo accounts.

Via Brankas’ fund switch APIs and financial institution integration suite, shoppers are capable of obtain funds from their alternative of Philippines-based banks immediately within the app.

Isabelle Yap, Enterprise Lead at Komo, famous:

“Now, cashing in from the Komo app is extra seamless and safe for our clients. Immediate in-app cash-in has been a extensively requested function for purchasers since we launched and we’re glad to lastly launch this function with Branka’s safe API integration whereas providing all kinds of companion banks to select from.”

Todd Schweitzer, CEO of Brankas, said:

“At Brankas, we’re impressed with Komo crew’s ardour for his or her clients. Komo offers a good looking, intuitive, and safe neobanking expertise, elevating the usual for Philippine shopper banking. At Brankas, we imagine Filipinos ought to have extra alternative and suppleness in managing their hard-earned cash, and we’re excited to companion with Komo to introduce customer-centric Open Banking options.”

East-West Banking Company, the eleventh largest financial institution within the Philippines with over $6 billion in belongings, had launched its personal fully-digital financial institution, Komo in Could 2020.

The corporate had claimed, final yr, that it’s the primary common banking group within the nation to ascertain its personal all-digital financial institution, because it goals to maneuver ahead with its up to date retail banking technique.

The Komo digital banking platform is being supplied by way of EastWest’s wholly-owned subsidiary, EastWest Rural Financial institution. The initiative is reportedly financed by a longtime and respected native financial institution. It can pay an annual rate of interest of three% (as of Could 2020, so charges might now have modified) for its digital financial savings account with out requiring a minimal stability.

Based in 1994, EastWest is among the many fast-growing banks within the Philippines and has managed to stay worthwhile (as of Could 2020). The establishment’s digital banking venture is a part of its digital transformation technique and elevated concentrate on adopting the newest applied sciences, as shopper necessities are altering quickly.

Tony Moncupa, CEO at EastWest CEO, said (final yr):

“Komo combines the perfect of two worlds: the comfort of contemporary digital banking backed by the safety of a robust brick-and-mortar financial institution like EastWest. We see a digital future in banking. With Komo, our clients are certain to get the perfect that digital banking has to supply whereas being assured that their cash is in good fingers.”