SAFC partners with EastWest Bank to broaden payment channels
Key Takeaways
- •SAFC clients can now make payments through EastWest Online or at 392 EastWest Bank branches across the country.
- •EastWest Bank’s Bills Collect facility will process cash and check payments and credit them directly to SAFC’s account.
- •SAFC has gained access to an online portal for tracking collections and viewing consolidated reports.
- •SAFC said the partnership is meant to improve customer experience and make financing simpler and more accessible.
- •EastWest Bank reported second-quarter net income of P1.56 billion, down from P2.3 billion a year earlier.
SOUTH Asialink Financing Corp. (SAFC) has partnered with East West Banking Corp. (EastWest Bank) to expand payment options for its clients.
Under the partnership, SAFC clients can now settle payments through EastWest Online or over the counter at 392 EastWest Bank branches nationwide.
EastWest Bank’s Bills Collect facility will accept cash and check payments from SAFC customers through the bank’s payment channels and then credit them directly to SAFC’s designated account. SAFC also now has access to an online portal for monitoring collections and viewing consolidated reports, which adds a centralized way to track payments across its client base.
“Our customers require payment options that fit how they operate. Whether that means walking into a nearby bank branch or settling payment online after business hours, EastWest Bank’s facility gives them that reach,” SAFC President and Chief Executive Officer Maricel D. Dejongoy said in a press release on Tuesday. “As we grow our branch network, our payment infrastructure has to keep pace.”
“We are glad to support SAFC in making payments more accessible for their customers. Through our bank’s facilities, we can help ensure that collections reach SAFC efficiently, wherever their borrowers are located,” EastWest Bank Sector 1 Head for its Corporate Banking Group Ruth G. Co said.
The partnership is aligned with SAFC’s goal of enhancing customer experience and making financing simpler and more accessible. For a nonbank lender serving individuals and small and medium enterprises, broader payment access can help borrowers choose channels that fit their schedules and locations without changing the underlying loan products.
SAFC is a nonbank financial institution that provides financing solutions to individuals and small and medium enterprises through various loan products. Based on its website, the company has more than 40,000 clients and has disbursed more than P5 billion in loans.
Meanwhile, EastWest Bank’s net income fell to P1.56 billion in the second quarter from P2.3 billion a year earlier. This brought its first-half profit to P3.42 billion, also down from P4.13 billion last year. — Aaron Michael C. Sy
