BPI and DMCI Homes introduce automatic payments for US-based buyers
DMCI Homes is the first property developer to adopt BPI’s Overseas Collection Arrangement, which collects payments from customers abroad.
Bank of the Philippine Islands (BPI) has teamed up with DMCI Homes on an arrangement allowing the developer’s US-based customers to pay housing amortisations through automatic deductions from their American bank accounts.
Buyers who have signed a contract and agreed to an amortisation schedule will be sent a link by DMCI Homes to register their US accounts. The service will debit those accounts automatically and send the funds to the developer.
The service, called the Overseas Collection Arrangement (OCA), also produces reports on collections and settlements. These enable DMCI Homes to track funds received and reconcile them with amounts customers owe.
BPI transaction banking head Edgardo Marcelo Jr. said the arrangement would simplify collections and payments for overseas buyers. He added that it could improve the developer’s operational efficiency, freeing more resources for residential projects.
DMCI Homes president and CEO Alfredo Austria said the system would give the company clearer oversight of its collections. BPI said OCA belongs to its wider transaction banking and cash management offering, combining digital account registration, automated collections and reporting for Philippine businesses receiving customer payments from overseas.
