Neobank Tonik Can Now Process PESONet Transfers

More payment options coming.
Photo/s: Tonik Philippines

Digital-only bank Tonik said Tuesday it can now process bank and fund transfers via PESONet.

Tonik users can now fund their accounts via RCBC, Landbank, PSBank and CIMB, with other PESONet participating banks expected to be available in the coming months.

The neobank launched last March with the promise of purely virtual operations through a secure platform. In a bid to promote financial inclusivity for Filipinos, Tonik users can skip the lines at a physical branch and get to straight to banking from their phones.

"The response we got when we introduced the app last month was overwhelmingly positive. It’s a testament to the fact that Filipinos are thirsty for a financial enabler that cuts the red tape, makes banking less complicated, and lets their hard-earned money work better for their future," said Tonik CEO and Founder Greg Krasnov.

Fully digital with no bank branches, Tonik came at a time when COVID-19 forced transactions to go online and cashless as a safety precaution. Paying bills aside, account holders can also utilize "stashes" on the app to reach a savings goal by themeslves or with company in a user-friendly interface peppered with chummy slang.

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"By making in-demand banking transactions such as interbank transfers safer and more seamless with PESONet, we hope to encourage more Filipinos to manage and maximize their finances with Tonik in the #neonormal," said Long Pineda, President of Tonik Digital Bank, Inc.

After PESONet, the neobank plans to launch its loan offers and further expand its payment options in the coming months.

Tonik is supervised by the Bangko Sentral ng Pilipinas and deposits are insured by the Philippine Deposit Insurance Corporation.

The Tonik app is free for download on the Google Play Store and the App Store. For more information, visit the Tonik website.

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