BANK of the Philippine Islands (BPI) and property developer DMCI Homes, a wholly owned subsidiary of listed DMCI Holdings Inc., have partnered on a payment solution that would allow DMCI Homes’ US-based customers to settle their property amortizations directly through their US bank accounts.
DMCI Homes is the first property developer to use BPI’s Overseas Collection Arrangement (OCA), which allows overseas customers to enroll their US bank accounts through a payment link provided by the developer upon the customer’s signing of a contract along with an amortization schedule.
Once enrolled in the bank’s OCA, payments are automatically debited from customers’ accounts and settled with DMCI Homes, eliminating the need for buyers to arrange each payment separately through other channels.
BPI said the arrangement would help the developer accelerate collections, consolidate payments and simplify reconciliation through collection and settlement reports that allow payments to be matched against expected receivables.
“We at BPI are more than happy to partner with DMCI Homes to provide the OCA as a solution for the company to be able to streamline collections, particularly for its US-based customers,” said Edgardo Marcelo Jr., head of transaction banking at BPI.
“In the process, the service would also make payments easier for DMCI Homes property owners,” he added.
DMCI Homes President and CEO Alfredo Austria said the arrangement would give the company greater visibility over collections while simplifying payment processing.
“The OCA provides us with a more seamless way to manage payments from our US-based customers, while giving us greater visibility over our collections,” Austria said. “This helps simplify our collection and reconciliation processes and allows us to better serve our property owners,” he added.
The collection solution forms part of BPI’s transaction banking and cash management services for businesses, which include tools for managing collections, payment reconciliation and settlement.
BPI said companies interested in adopting the service may coordinate with their cash management sales officers to discuss implementation requirements.
Shares of BPI on Tuesday dropped P0.85, or 0.85 percent, to close at P99.15 each, while those of DMCI Homes’ parent, DMCI Holdings, closed unchanged at P7.29 each.
