Fime has been selected by BancNet, the Philippine-based domestic scheme, to support the onboarding, testing and certification process for its instant payments service, InstaPay. BancNet is the Clearing Switch Operator (CSO) for InstaPay, and has been authorized by the central bank as an Operator of a Designated Payment System (ODPS), with InstaPay being a Prominently Important Payment System (PIPS).
Through BancNet, InstaPay-participating financial institutions will be able to utilize the Fime Test Factory platform to test their instant payments solutions based on the ISO 20022 specification, the international standard for financial messaging. The automated and cloud-based testing platform, combined with Fime’s support to BancNet throughout the testing process, will significantly reduce the time required to onboard InstaPay participating institutions. This will allow institutions to launch their instant payments services to their customers more quickly. As well as reducing time-to-market, the bespoke testing and certification platform ensures that InstaPay participants will experience the same seamless testing and certification journey.
Since 2014, Fime has supported our mission to enable the safe, efficient and reliable delivery of payment services in the Philippines.
With Fime’s continued support, we can do our part in helping the financial industry to further increase adoption of InstaPay, helping more citizens to make payments instantly anywhere, anytime.
Elmarie Reyes
CEO of BancNet
We look forward to building on our ten-year partnership with BancNet to help take its InstaPay service to the next level. Our goal is to support BancNet to bring its members into the ecosystem quickly and efficiently.
We are proud to support this journey to drive financial inclusion and digitalization in the Philippines through the automated test tool facilitating convenient, easy and cost-effective payments.
James Daniels
Senior Vice President Asia Pacific, Fime
Learn more about Fime’s instant payments offering.
For further Fime media information, please contact:
Yash Raveendra yash@iseepr.co.uk at iseepr + 44 (0) 113 350 1922
Stéphanie Pietri stephanie.pietri@fime.com at Fime.
About Fime
Fime enables its clients to create and launch trusted and secure solutions through its consulting and testing services in payments, smart mobility, and digital identity. It offers a global cross-industry perspective, local insights, and a unique heritage in testing and certification. Fime's consultants provide transformative business expertise, partnering with organizations worldwide to define, design, deliver, and test their products and services.
With over 800 experts and employees around the world, Fime strategically works to help its clients turn ideas into reality, swiftly bring products to market, and achieve a competitive advantage. By working together, Fime transforms powerful innovations into the future of trusted transactions.
Making innovation possible.
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About BancNet
BancNet is a digital payments network in the Philippines, which enables its members’ customers to transact at Automated Teller Machines (ATM), Point-of-Sale (POS) terminals, the internet, and other channels since July 17, 1990. The 110-member strong network supports over twenty-six thousand ATMs, and over five hundred forty-five thousand POS terminals around the country.
Under the National Retail Payment System, BancNet is the Clearing Switch Operator (CSO) for real-time electronic fund transfers, better known as InstaPay. In 2022, the Bangko Sentral ng Pilipinas (BSP) authorized BancNet as an Operator of a Designated Payment System (ODPS), with InstaPay being designated as a Prominently Important Payment System (PIPS).
