Rural bank Netbank has recently established a partnership with Sprout Solutions, a HR and payroll software provider in the Philippines. This joint venture introduces a new salary advance service, designed to enhance the employee benefits arena.
The new service dubbed Instacash will feature Sprout’s payroll software with NetBank’s platform, aiming to address the inefficiencies found in traditional salary advance procedures, and simplify the loan application process for employees, making it more user-friendly. Netbank, which is operating with a full banking license, is intended to provide a white-label solution that the company says will aid Filipino fintechs in their growth and cost management.
Gus Poston
Gus Poston, Chairman of Netbank, shared his views on the collaboration, saying,
“We are excited to join forces with Sprout Solutions to introduce a game-changing salary advance offering. This partnership exemplifies our commitment to leveraging technology to enhance the financial well-being of individuals, providing them with convenient and affordable solutions.”
Both organisations said in a statement that they are committed to offering equitable and accessible financial solutions. The partnership intends to deliver a more streamlined salary advance process with the added convenience of online application, focusing on efficiency and user experience.
Patrick Gentry
Patrick Gentry, CEO of Sprout Solutions, remarked,
“Together, we are introducing Instacash, an innovative salary advance service that combines Sprout’s leading HR and payroll software with NetBank’s embedded finance platform. This collaboration simplifies the salary advance process, making it more convenient and affordable for employees.”
Looking forward, Netbank said it plans to continue collaborations with fintech partners like Sprout to create user-focused services, with the objective of expanding access to banking services and streamlining payment management for both businesses and individuals.
