Bank of the Philippine Islands (BPI) has launched a subscription-based digital banking platform that will cater to the operational needs of micro, small, and medium enterprises (MSMEs).
In a statement, BPI said its digital banking platform MSMEs, BizKo, will help small businesses to manage their business finances and will provide an integrated online system for invoicing and collection.
The bank said the online platform available via app and web offers MSMEs immediate access to their account information, such as to view balances, deposits, and payables, regularly pay employees, suppliers, utilities, and government dues, create digital invoices under their business name, get invoice number reminders to avoid duplication, and receive and monitor payments through its intuitive invoicing system.
“The pandemic made running a business even more challenging for Filipino MSMEs. Aside from decreased profitability, entrepreneurs need to contend with heightened complexity, as issues like illnesses and lockdowns limited their mobility, made operations more expensive, and caused significant delays that bloated their overhead expenses,” said Eric Luchangco, head of Business Banking at BPI.
“We launched BPI BizKo to make business transactions more seamless and efficient for MSMEs, enabling them to save both time and money, even amid the uncertainties today,” Luchangco said.
BPI said with the BizKo platform, MSMEs can handle everyday financial and accounting processes without the need to move funds to another e-wallet or bank account, or physically go to the branch.
This helps in streamlining the cash flow to and from their partners and customers for more accurate and hassle-free monitoring, it said.
The BizKo platform is available for subscription in monthly and annual terms that start at P50 and P100 per month for basic and premium plans respectively, without the need for an average daily balance, according to BPI.
“With BizKo, we aim to provide individuals and businesses an efficient, inclusive, safe, and secure digital payments ecosystem to reinforce our commitment to be the MSMEs’ partner-of-choice,” said Ana Sison, head of BPI Transaction Services Division. — Ted Cordero/RSJ, GMA News
BPI launches digital platform for MSMEs
Source: News Panda Philippines
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