Payment solutions provider Global Payout reports that it has significantly expanded the geographic reach and the functionality of its proprietary MoneyTrac™ Consolidated Payment Gateway (CPG) platform to the Philippines. As a result, a number of payment opportunities are now open to a large and important segment of the Filipino population.
Global Payout now offers CPG users the ability to distribute payments to their associated accountholders and cardholders, employees, members, offshore workers, or benefit recipients to any Filipino bank from their CPG account, from anywhere in the world that has direct funds transfer capability.
Filipino companies who employ Overseas Foreign Workers (OFW) and contractors can now utilize the CPG secure interface to make mass payments to each worker’s individual CPG subaccount for immediate access to funds. The subaccount holder can then directly deposit the payment into their bank account, make deposits to an existing VISA/MasterCard credit or bank debit card, and/or make deposits to other international and domestic prepaid cards offered by Global Payout. The CPG payment platform also enables the account holder or the cardholder to effect self-directed ACH payments to their bank accounts in the Philippines and most other OFAC compliant countries.
“The Philippines is a major focus for the global expansion of our payment capabilities and the geographic reach of our MoneyTrac™ Consolidated Payment Gateway,” Jim Hancock, CEO of Global Holdings, stated in the news release. “As we continue to focus our efforts on gaining global scale by expanding and connecting niche market opportunities all around the world, we cannot ignore the tremendous social value to individuals with financial services needs. Thanks to our MoneyTracTM payment platform, we are quickly establishing ourselves as one of the most viable and efficient payment solution by providing economies of scale for both small and large payment applications. We could not be more pleased with the reception our team and our products are receiving from mass payment customers and the traction we are gaining to reach the under-banked.”
Bill Rochfort, president and vice president of Global Payout sales, noted the strong global presence of OFWs and the market opportunity it provides.
“The Philippines have a population of approximately 98 million people and there are over 10 million more Filipinos living around the world in 170 countries whom labeled as Overseas Filipino Workers,” Rochfort stated. “With nearly 3.4 million OFWs in America, 2 million in the Middle East, and over 1.6 million in Pacific Rim countries, the opportunity to provide financial services to ‘unbanked’ and ‘under-banked’ Filipinos is very significant. By providing mass payment services, payroll capabilities, ACH, prepaid instant issue debit cards, and easy to use money transfer and remittance capabilities, we are able to provide valuable access to financial services to a considerable percentage of the 2.5 billion unbanked and under-banked adults in the world. We consider the Philippines as pivotal to our growth.”
Global Payout intends to continue growing the long list of functionality and geographic availability to its base of international users, adding to its growing list of countries that includes China, Malaysia, Canada, Germany, England, and SEPA (Single Euro Payments Area) within the European Union (EU). The company is also currently launching its services in Brazil and other countries in South America to provide companies in these areas a number of additional features, including ACH, credit and bank debit cards, co-branding and private labeling, mass payments, payroll capabilities, government entitlement disbursements, and prepaid cards.
For more information visit www.globalpayout.com.
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