Veco, BPI sign deal on online payment

THE Visayan Electric Company (Veco) formalized its agreement last week with the country’s oldest bank as its newest third party collection partner for payments.

Veco and Bank of the Philippine Islands (BPI) signed a memorandum of agreement (MOA) to make BPI Express Online available as a payment channel for areas covered by the power company.

Veco administration and customer services group vice president Ricardo Lacson Jr. said the agreement provides convenience to the clients of the two companies.

“I joined Veco about three and a half years ago and people we’re already asking when are we going to enlist BPI as a payment medium,” he said.

Lacson said there have been increasing number of payments through their partners and is expected to hit about 40 percent this year.

He said there has been growing interest on online payments.

BPI corporate banking executive vice president Alfonso Salcedo said the project took more than two years. He said the system proves that leveraging an online platform will deliver a superior customer service.

Salcedo said BPI is an industry pioneer in online and mobile cash management thru BPI Express Online and Express Link.

BPI vice president and transaction banking division head Bess Basa stressed that the agreement only covers online transactions and the bank will not be able to accommodate over the counter Veco transactions.

“We’re making convenience available to depositors and customers because they are clamoring for it,” she said.
BPI officials said they will be tapping electricity distributors in Balamban, Mactan, Subic, Cotabato and Davao for possible partnerships in the coming months.