Homegrown instant payment systems provider Higala Group Inc. has partnered with Yuchengco-led Rizal Commercial Banking Corp. (RCBC) to roll out the SynerFi platform for small lenders’ digital transactions in the countryside.

SynerFi’s open-payments infrastructure grants customers of rural banks as well as microfinance institutions (MFIs) access to the InstaPay network, which allows real-time fund transfers.

In particular, SynerFi’s technology that connects to InstaPay will be provided by Higala to their rural bank and MFI clientele, it said in a statement on Thursday, Nov. 9.

“SynerFi brings digital services within reach for rural banks and MFIs that have traditionally been left out of the payments ecosystem. Through SynerFi, we are reducing entry barriers and ensuring these institutions can thrive in InstaPay. Expanding financial access allows them to empower more Filipinos with the tools needed for economic participation and progress,” said Vice Catudio, Higala’s chief executive officer (CEO).

Higala pointed out at present, merely five percent of the country’s more than 360 rural banks have InstaPay access.

Worse, all of the about 4,300 MFIs and 2,400 credit cooperatives nationwide are still excluded from InstaPay, Higala lamented.

“By connecting local banks and MFIs to InstaPay, SynerFi allows these smaller, community-based financial institutions to offer faster, more affordable digital transactions, such as sending money, paying bills, and buying or selling goods online,” the company said.

“This means customers can access convenient financial services in their communities without needing to travel or rely on cash. Ultimately, SynerFi empowers more Filipinos to manage their finances digitally, helping them save time, reduce costs, and improve their financial well-being,” it added.

Meanwhile, RCBC serves as the sponsor-platform bank overseeing mandatory regulatory requirements, including clearing, compliance as well as settlement.

“RCBC’s collaboration with Higala through its SynerFi would further advance accessible and inclusive payment channels as pillars of sustainable finance, creating and opening doors of opportunities for millions of people nationwide,” the bank’s chief innovations and inclusion officer as well as executive vice president Lito Villanueva was quoted by Higala as saying.

According to Higala, the partnership with RCBC for SynerFi is supported by Chemonics International Inc., one of its investors which is an expert in fostering inclusive growth among underserved sectors globally.

“SynerFi is a powerful tool for sustainable development, which is at the core of everything we do at Chemonics International. Together with our partners, we will move towards further reducing on-ramp barriers for all financial institutions looking to be part of the InstaPay network and drive true inclusion to unserved and underserved areas in the Philippines,” Higala quoted Jamey Butcher, president and CEO of the Washington-based global sustainable development company, as saying.