DMCI Homes taps BPI overseas payment solution for US-based buyers
DMCI Homes has partnered with Bank of the Philippine Islands to use BPI's Overseas Collection Arrangement solution, enabling US-based customers to pay property amortisations directly from their US bank accounts. The service aims to speed up settlements, streamline reconciliation, and improve the pay
Bank of the Philippine Islands (BPI) has partnered with DMCI Homes, the real estate arm of DMCI Holdings, Inc., to facilitate the collection of property payments from the developer's US-based customers.
BPI's Overseas Collection Arrangement (OCA) solution will facilitate cross-border payments for DMCI Homes, the bank said in a statement on Tuesday. Through the solution, DMCI Homes' customers based in the United States can pay their monthly amortisations directly through their US-based bank accounts.
After they sign a contract with the Consunji-led developer and agree on an amortisation schedule, customers will receive a payment link from DMCI Homes that they can use to enrol their US bank accounts. Payments will be debited from their enrolled accounts.
BPI said this gives customers an easier way to pay and also helps DMCI Homes receive payments faster, consolidate collections, and streamline reconciliation. "Transactions are settled to DMCI Homes in real time, eliminating many of the challenges associated with traditional overseas remittances," the developer said in a separate statement. "The new payment facility is expected to benefit Filipino homebuyers living abroad by providing a more seamless and reliable payment experience. It also helps address concerns such as unpredictable transfer timelines and delays caused by foreign exchange processing."
DMCI Homes will also be able to track payments and match them against expected receivables through collection and settlement reports, which will ensure that buyers' payments are accounted for and settled promptly.
"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. In the process, the service would also make payments easier for DMCI Homes property owners," said BPI Transaction Banking Head Edgardo R. Marcelo, Jr. "With the OCA in place, we look forward to DMCI Homes increasing operational efficiency, which would enable it to devote more of its time and resources on developing homes for Filipinos across the country."
"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. This helps simplify our collection and reconciliation processes and allows us to better serve our property owners," said DMCI Homes President Alfredo R. Austria. DMCI Homes added that this is part of its efforts to enhance the customer experience for overseas Filipinos investing in real estate in the Philippines.
The OCA solution is part of BPI's suite of transaction banking and cash management services for businesses. It combines digital enrolment, automated payment collection, and reporting capabilities to provide Philippine-based companies a way to collect and consolidate payments from their overseas customers.
BPI's net income dropped to P15.91 billion in the second quarter from P16.32 billion in the prior year. For the first half, its profit slipped to P32.83 billion from P32.96 billion. Its shares went down by 85 centavos or 0.85 per cent to close at P99.15 each on Tuesday.
