TONIK has chosen BPC with its paytech Radar Payments as its exclusive partner for payments processing activities.

Founded in 2018, TONIK is the first digital-only bank in the Philippines.

In particular, TONIK will focus on retail banking products ranging from deposits to consumer loans. It estimates that it is addressing an untapped market of $140bn for retail deposits. Similarly, TONIK forecasts that the market offers a $100bn unsecured consumer lending opportunity.

TONIK launch: BPC, Radar Payments deliver SaaS model

As a result, The Philippines market represents an outstanding challenge and opportunity for a digital neobank.

For example, the local population of over 100 million has an unbanked population of about 70%.

BPC and its paytech Radar Payments will deliver payments processing activities through a Software as a Service (SaaS) model.

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Moreover, speed to market is evidenced by TONIK deploying BPC’s solution in only three months after the initial contract RFP.

It is little wonder that Jane Loginova, Global Commercial Officer, BPC, is upbeat about the project.

BPC: bridging real life to digital

Loginova, also co-founder & co-CEO Radar Payments tells RBI: “At BPC, our motto is bridging real life to digital. In our 25 years of experience we have collaborated on high impact projects for over 230 clients in 80 countries.”

BPC is active in markets from Colombia to the Philippines, Switzerland to Papua New Guinea, the UK to Zimbabwe.

Take Tyme Bank, South Africa’s newest digital bank for example. Says Loginova: “BPC’s Kiosk solution is enabling people to on-board by self-service and has successfully enrolled 1 million customers in less than a year.

We are an unrivalled partner to help power payments, in any form, anywhere, anytime. This is what BPC does best. From providing solutions to 20 national payment systems across the globe, we understand that interoperability, compliance, security and instant and quick payments are a must to be successful in our industry.”

Loginova adds: “We understand rural and urban areas, small and large clients. We are the right partner for neobanks that need to scale up, fast and efficiently anywhere in the world.”

Payments activities including payment switching, fraud management and card lifecycle management will be handled from BPC’s global payment processing centre.

TONIK launch: Philippines ripe for digital disruption

Specifically, this is powered by its SmartVista range of digital banking solutions. Loginova says that this will enable TONIK to route transactions efficiently. And provide a secure environment for its customers while gaining in speed to market and performance.

Greg Krasnov, founder, CEO of TONIK, adds: “The banking sector in the Philippines is ripe for digital disruption. With BPC, we rely on a partner that understands how startup digital banks need to operate. And scale efficiently at a fast pace – with BPC, we add a strong asset to our ecosystem.

Looking ahead, Loginova says that Radar Payments is key to BPC’s strategic expansion.

“It has the best of both worlds. BPC’s SmartVista platform robustness, with the edge of a paytech that will drive innovation and new ways of payments, all in a SaaS model. We believe that SaaS and payment as a service will represent a large part of our revenues within the next two to five years.”

Jane Loginova, Global Commercial Officer, BPC