Bayad Manila Electric Corp. collaborates with UBX

17 May 2022

Bayad, Manila Electric Co.’s (Meralco) full-service financial technology subsidiary, has teamed up with the Aboitiz Group’s open finance platform to improve real-time bill payment options.

The relationship with UBX, according to Lawrence Ferrer, president and CEO of Bayad Manila Electric Corp., would make financial services more accessible and convenient

“By leveraging digital financial technology, we can respond quickly to market changes and adapt banking innovations.” “We will continue to make significant advances at Bayad by increasing our bill payment solutions while providing the ease of real-time posting,” Ferrer stated.

Under the terms of the deal, UBX’s i2i banking-as-a-service venture would tap into Bayad’s biller network, allowing i2i banking agents to process payments for Meralco and Home Credit, among other companies.

Aside from that, Bayad and UBX are constantly recalibrating their interoperability as they work to expand their ecosystem of billers, which includes everything from basic utilities like electricity and water, cable and internet, to government contributions and loan payments, school tuition fees, online shopping, insurance, and more.

This vision of delivering a one-stop-shop solution will provide individuals and thousands of micro, small, and medium-sized companies (MSMES) in the country with more open and accessible financial services.

With this, sari-sari store owners, carinderia owners, and market stall owners can rely on Home Credit loans to keep their businesses running, conveniently settle their Meralco bills, and access other bill payment services that respond to Filipinos’ ever-changing needs in the fast-paced environment brought on by the new normal.

UBX president and CEO John Januszczak, for one, stated that the organization is dedicated to continually improving its services and bringing financial services closer to individuals who need them.

“Our relationship with Bayad will give our consumers with seamless bill payment transactions, allowing us to further expand our financial inclusion programs,” Januszczak said.

Bayad Manila Electric Corp. (previously Bayad Center) is now used by over 100,000 physical touchpoints as well as leading internet and mobile platforms around the country.

UBX, on the other hand, is Union Bank of the Philippines’ financial technology initiative, led by Aboitiz.