Bayad Partners with GoTyme Bank to Revolutionize Bills Payment Services

Bayad, the pioneer brand in the outsourced payment collection system in the Philippines, officially sealed its partnership with GoTyme Bank, one of the country’s fastest growing digital banks.

 

GoTyme Bank is a joint venture between the Gokongwei group of companies and the multicountry digital banking group Tyme. This time, through its partnership with Bayad, GoTyme App enables bills payment services covering household utilities, tollway RFID load, e-loading, telco, internet, government contributions, and many others.

 

Tailor-made for the increasingly e-payment savvy Filipino market, GoTyme App provides the convenience of one-stop-digital-shopping experience.

CHAMPIONING DIGITAL FINANCIAL INCLUSION: GoTyme Bank’s Head of Payments Maria Rosario Aguirre, GoTyme Bank’s Chief Marketing Officer Raymund Villanueva, Bayad Chief Commercial and Marketing Officer Dennis S. Gatuslao, and Bayad Vice President and Head for Commercial Group Bob Conrad B. Aquino.

 

Once customers open a GoTyme Bank account, they can also avail of a free GoTyme Bank Visa debit card in kiosks that are located within the retail footprint of the Robinsons group such as Robinsons Supermarket, The Marketplace, Robinsons Department Store and more across the country.

These GoTyme Bank Visa cards can be used for over-the-counter payments such as shopping and cash withdrawals.

With GoTyme Bank, customers can take advantage by having access to a variety of biller brands powered by Bayad. GoTyme and Bayad App users are also able to transfer funds with each other.

Bayad President and CEO Lawrence Y. Ferrer underscored, “We take pride with our over 3000 biller brands which we are keen of also integrating with our payment channel partners like GoTyme Bank. Bayad has been committed to making digital finance more accessible and easier for Filipinos. Through our partnership with GoTyme Bank, we are optimistic that we will further the financial inclusion in the country.” 

 

GoTyme Bank co-CEO Albert Tinio said, “Through our partnership with Bayad, GoTyme customers can now conveniently pay their monthly bills. They don’t need to take time out of their busy schedules to ensure that their bills are paid on time. Now our users can manage their personal finances from the comfort of their homes.”

 

For fintech institutions like GoTyme Bank that are interested to be part of Bayad’s extensive channel network, you may send an email to partnerships@bayad.com. Bayad enables partners to attain nationwide presence and provides end-to-end support services for efficient payment and collection processing. 

 

GoTyme Bank adopts the latest security tools in response to consumers’ growing cybersecurity concerns

GoTyme Bank, a partnership between the Gokongwei Group and Singapore-based digital banking group Tyme, is optimizing its tech and security measures ahead of its launch. In 2021, the bank received its license to operate in line with the Bangko Sentral ng Pilipinas’ goal of digitizing 50% of all payments and having 70% of Filipino adults into the banked population by 2023.

 

Amid incidences of phishing, malware, ransomware, fraud, identity theft, and social engineering in the banking industry, GoTyme Bank has heavily invested in the best cyber security controls to strengthen its defenses. Social engineering is the act of deceiving individuals in order to manipulate them to disclose confidential or personal information, such as one-time pins (OTP) or passcodes.

 

“Without good cybersecurity you can’t have trust,” explains Chris Bennett, Chief Technology Officer at GoTyme Bank. “We make use of the best security controls throughout the lifecycle.”

As a cloud-first and cloud-only company, GoTyme Bank is able to react to threats much faster than any organization, Bennett emphasizes. Built on Tyme Bank’s experience and success in South Africa, GoTyme Bank is working with the world’s leading providers to prevent and combat potential threats.

 

“Being cloud only, we can make changes fast,” Bennett remarks. “We bring experiences of tackling threats from South Africa and we’ve been able to integrate some of the latest security tools.”

 

Even before GoTyme Bank’s code is written, teams are already trained in cyber development best practices, Bennett notes. The bank makes use of SonarQube, an open-source platform which continuously inspects and reviews codes to detect bugs. During the building process, internal and external security teams test the code for any vulnerabilities, and upon going live, a cyber operations center monitors then alerts and acts upon threats. 

 

“Our infrastructure is managed by Amazon Web Services (AWS) and we’re able to benefit from the range of secure certifications that they offer, such as the Payment Card Industry Data Security Standard (PCI DSS) and the National Institute of Standards and Technology (NIST),” Bennett says. AWS control towers allow GoTyme Bank to automate reporting and identification of issues. 

 

AWS is the world’s most comprehensive and widely used cloud platform that offers on-demand cloud computing web services to millions of customers, while PCI DSS is a global information security standard for protecting data. NIST, meanwhile, is a cybersecurity framework used by governments and industries worldwide. GOTyme also credits its experience working with NICE Actimize, the leading global provider of financial crime, risk, and compliance solutions, to guard against fraud and money laundering

 

When it comes to high-value items, biometrics may also be used to verify the identity of individuals making a transaction. “Our payments fraud capability is world-leading, and we make use of our own and also industry data to spot and prevent attacks,” Bennett says.

 

Once live, GoTyme Bank clients will be able to open an account and receive a free personalized debit card in under five minutes via digital kiosks located in Robinsons Malls and Robinsons Supermarkets. GoTyme Bank promises to deliver high-quality banking products and services such as better savings interest rewards, fund transfers, trading and investing, as well as 24/7 customer support via call, chat, or e-mail.

 

GoTyme Bank is set to launch in Q3 2022. For early access, subscribe to GoTyme’s newsletter for exclusive updates on exciting features and products.

 

Filipinos will soon have access to game-changing banking services with GoTyme Bank

Technology continues to change our lives for the better, in ways we least expect. Anyone can now have a bouquet of flowers delivered to loved ones wherever they are in the world, or even get in touch with a personal shopper to do all the shopping for them. Banking has also been a witness to these breakthroughs. Going cashless and managing our finances through an app were once unthinkable, but we’re closer than ever to a society where those are the norm. Now we ask: how else can we make the use of money exciting?

As one of the key innovators and disruptors in the Philippines, the Gokongwei Group has always created new options to make the life of Filipinos easier and better. Now, Filipinos can have access to high-quality digital banking where one can easily open an account, get better interest rates, earn more rewards for purchases, and experience a more personal customer service. “In fact, GoTyme’s vision is to deliver the best banking experience in the Philippines, one that stands up against the best banks in the world,” shares Jojo Malolos, President of GoTyme Bank. 

Companies under the Gokongwei Group, namely JG Summit Holdings’ business units Robinsons Bank and Robinsons Land Corporation, and Robinsons Retail Holdings, Inc.,have invested and collaborated with Singapore-based digital banking group Tyme to create GoTyme Bank, a digital bank that offers industry-leading financial solutions and products that will make Filipinos excited about banking. Tyme, one of the world’s fastest growing digital banks, has created a safe and secure global platform that has successfully rolled out in South Africa, now set to launch in the Philippines, and soon, in more countries. “This partnership aims to create a sense of trust that Filipinos can bank on,” adds Malolos.

What’s game-changing about GoTyme Bank

Consumers nowadays are changing the meaning of banking convenience. From the traditional branch locations to enabling the digital capabilities of financial institutions via improved apps, world-class banking is now within easy reach of everyone, paving the concept of "take your money everywhere" banking – which is what Tyme literally means – a reality.

Filipinos can now have access to world-class banking. GoTyme Bank plans to do this by making possible the opening of a new bank account as easy as can be. As Nate Clarke, a member of Tyme’s founding team and co-CEO of GoTyme Bank, explained, “With the help of our digital kiosk, GoTyme Bank will disrupt the industry with an unprecedented onboarding process that opens a bank account and puts a personalized debit card in the hands of our customers, all in under 5 minutes.” These digital kiosks will be placed in convenient locations in selected Robinsons Malls and Robinsons Supermarkets, allowing customers to bank where they already shop, eat, and relax every day. 

Bigger rewards, better deals. Wouldn’t it be exciting if your next piso flight, or your next grocery trip gives you a lot more than what you paid for? Imagine the game-changing potential of a GoTyme Bank account - purchases with exciting rewards, priority access to sales, and exclusive promos for account holders, just to name a few. In addition to rewards, GoTyme Bank will differentiate with disruptive savings, credit, and investment products that truly maximize the Filipino financial potential.

A high tech - high touch approach. GoTyme Bank’s hybrid distribution model that highlights customer interaction allows you to choose whether to perform self-service on their GoTyme Bank app or to visit  the nearest kiosk for that human touch. This “phygital” model consists of three key elements: digital kiosks, GoTyme Bank ambassadors, and an established lifestyle and leisure ecosystem. Whether the customer is opening an account, depositing or withdrawing cash, or has forgotten their PIN, the smiling face of a GoTyme Bank ambassador will be there to assist customers along their banking journey. “We believe this ‘human touch’ is something that will allow GoTyme Bank to stand out against other digital-only competitors” adds Clarke.

All of these make GoTyme Bank a banking experience to get excited about as it gears up for launch in Q3 this year.

Visit GoTyme Bank’s official website to get early access to features and updates.