I2i is a “cross-border remittance service for rural banks using blockchain, as it aims to push financial inclusion in the rural areas” This allows remittance to and from MVSM Bank to any rural bank member of i2i in real-time.
A client of MVSM Bank can now send cash to the i2i partner in far towns like Kidapawan. Anywhere there is a rural bank, our clients can now send and receive cash. Best of all, this is in real-time. The remittance fee is said to be lower than the traditional channels. “With the pilot’s use of i2i, rural banks can now receive direct-to-account remittances, and this is only the beginning,” UnionBank Senior Vice President and Head of the Fintech Business Group Ramon Vicente V. De Vera II said. “This empowers rural banks that were once financially excluded, with access to universal banking services.”
The technology used is blockchain. This is through “cryptography, making data management and data-driven process decentralized, tamper-proof and more transparent”.
“Currently, rural banks have limited access to financial networks and clearing systems, with remittances from abroad taking days before being credited to onshore accounts. As an alternative, Filipinos rely on non-bank remittance counters that require remitting the funds physically and are subject to high fees”
This new product partnership of MVSM Bank is one of the steps that the Bank plans to undertake towards DIGITAL TRANSFORMATION.
About i2i – i2i is the nation’s fastest-growing Open Finance and banking-as-a-service network and platform, digitally enabling financial institutions and service providers to bring in-demand financial services to underserved communities nationwide. i2i is developed by UBX Philippines, the fintech and venture studio of UnionBank of the Philippines.