THE RIZAL Commercial Banking Corp. (RCBC) has upgraded its remittance arm to stay in cadence with the evolving needs of the global Filipinos.
RCBC Remittance, formerly known as RCBC Telemoney, is increasing its digital capabilities and expanding its global network as more overseas Filipinos are shifting to digital channels to send money to their families.
According to industry data, 75 percent of remittances to the Philippines are coursed through digital platforms, with inflows reaching a record $38.34 billion last year.
“This is part of our commitment to being catalysts for change by driving greater adoption of digital remittances, making it easier for global Filipinos to take advantage of growing accessibility worldwide,” RCBC’s Head of Transaction Banking Group Martin Tirol said.
Tirol revealed that remittance transactions handled by the bank grew 34 percent year-on-year as of June this year, driving a 17-percent hike in transaction fee revenues and a 32-percent rise in foreign exchange income. The growth was attributed to new partnerships in Asia and ongoing initiatives in the Middle East.
Furthermore, the CASA volume of RCBC Global Filipino Banking (GFB) marked a six-percent year-on-year growth and nine percent above its year-to-date target.
“We continue to leverage digital solutions, strategic partnerships, and an expanded network, while ensuring security remains at the core of our services. With advanced safety measures, we safeguard customers’ information and funds, and through active promotion of cybersecurity and safe online banking practices, we help them remain protected against theft and fraud,” he further said.
Aside from the bank’s subsidiary office in Hong Kong, RCBC has further strengthened its global presence through its foreign remittance tie-up partners across 19 countries where a high density of Filipinos working abroad is present.
The bank has recently partnered with new recognized digital remittance partners, including Visa (Global), Digital Wallet Corp. (Japan), Gmoney Trans (Korea), and Taptap Send, providing faster and secure transfer options for overseas Filipinos.
RCBC currently maintains more than 20,000 domestic payout touchpoints and aims to expand its remittances partner base to over 80 tie-ups across 25 countries within the next five years.
Through its mobile application RCBC Pulz, the bank digitized account opening for overseas Filipinos in 42 countries, streamlining access to banking services without the need for branch visits.
It continues to enhance its remittance system with features such as real-time transfer via API integrations, flexible fee charging, and automated billing for partners. The bank is also exploring an outward remittance service that would allow Filipinos in the Philippines to send money abroad through Pulz.
As the country’s 5th largest privately-owned bank, RCBC upholds its mandate to deliver reliable financial services that support the ever-evolving needs of businesses, institutions, and individuals. Guided by sound governance, robust risk management, and a strong capital base, the bank is positioned to sustain growth, enhance stakeholder value, and reinforce its commitment as a key driver of economic progress.
For more information on RCBC Remittance, visit https://www.rcbc.com/remit
