#cross-border payments

Bank of the Philippine Islands (BPI) is set to introduce international money transfers through its mobile banking app, following a partnership with Visa aimed at making cross-border transactions faster and more affordable for Filipinos. The new service, expected to launch by the first quarter of 2027, will use Visa Direct, Visa's real-time payments platform, allowing BPI customers to send money overseas directly from the BPI app. Joel de Vera, BPI's head of strategy, products and support for institutional banking, said demand for secure, real-time, and affordable international payments continues to grow as more Filipinos engage in global activities. Veem and Coins.ph have announced an expanded partnership aimed at making cross-border payments between the United States, Canada, and the Philippines faster, cheaper, and more accessible—especially for businesses and Filipino remote workers. The collaboration supports corporate payouts, supplier payments, and contractor compensation, with both companies also exploring alternative settlement options such as stablecoins, including USDC. The expanded setup is designed to address common pain points in international payments, including high wire transfer fees, slow settlement times, complex processes, and unfavorable foreign exchange rates. Veem pre-funds USD liquidity, allowing Coins.ph to quickly convert and distribute payments within the Philippines. The move is part of a plan to build a round-the-clock real-time gross settlement system that supports instant domestic transfers, links with foreign payment networks, and enables services such as 24/7 remittances, cross-border ecommerce flows, and same-day settlement of the cash leg in bond trades. Read more in our articles including "BPI to add international money transfers to mobile app by 2027" and "Veem, Coins.ph Expand Payment Partnership Covering US, Canada, PH".