Peppermint signs API agreement with Bank of the Philippine Islands
Australian Stock Exchange-listed fintech Peppermint Innovation Ltd has signed an Application Programming Interface agreement with one of the top five banks in the Philippines, the Bank of the Philippine Islands (BPI).
The API agreement, which allows Peppermint’s bizmoto platform to integrate with BPI’s systems and protocols has the potential to introduce up to four million BPI online account holders to the services offered across the four bizmoto business streams: mobile payments; eCommerce; delivery and logistics and mobile financial services.
Under the agreement, existing bizmoto agents will be able to seamlessly top-up their mobile wallet 24 hours a day, 7 days a week, 365 days a year via online access to a BPI account.
This provides bizmoto agents who are BPI account holders with a faster turnaround time to top-up their mobile wallet and be in a position to service more customers because they can transact online in real time without the need to visit a BPI branch or automatic teller machine (ATM).
In addition, BPI’s four million enrolled online account holders can elect to register as bizmoto agents and access the bizmoto platform and ecosystem of services available.
As part of the agreement, Peppermint will be undertaking a direct marketing campaign promoting bizmoto’s wide range of customer services to BPI’s four million enrolled online account holders.
Technical integration and testing between Peppermint’s bizmoto platform and BPI’s systems and protocols will commence as soon as possible, with a target ‘go live’ date in Q2 2021.
Peppermint Innovation’s Managing Director and CEO Chris Kain said, “This is a significant agreement for Peppermint Innovation, and it is a privilege to be able to do business with the Bank of the Philippine Islands who were the first bank in the Philippines and Southeast Asia.
“BPI is such a respected institution in the Philippines and Peppermint’s proven capability and track record of working with other local banking entities has positioned us well to do business with BPI.
“As soon as we can, we will execute targeted awareness and marketing campaigns in association with BPI to their four million online account holders.
“To put that in context, we currently have over 50,000 registered bizmoto agents so we have the potential to market and explain how our bizmoto platform works to almost 80 times the number of current registered agents.
“This is yet another step forward on our path to building out our range of bizmoto ecosystem of services across the Philippines and to tackling the problem of providing inclusive financial services to the people of the Philippines.
“We are honoured to be in partnership with BPI on this project and look forward to continuing to contribute to the important goal of delivering financial inclusion to the Filipino people”.
