Bank Union takes part in Open Finance initiative for launch of PERA open finance pilot project
UnionBank, a leading financial institution in the Philippines, is set to revolutionise the retirement savings landscape with its latest initiative. The bank is preparing to incorporate the learnings from the OFXPERA Pilot into its proprietary UnionBank Online application, aiming to enhance user convenience when accessing digital financial tools.
The OFXPERA Pilot, a joint venture by the Bangko Sentral ng Pilipinas (BSP) and other financial partners, aims to simplify and digitise the onboarding process for the Personal Equity and Retirement Account (PERA) using an Open Finance framework. This innovative approach removes the need for customers to fill out manual forms or undergo physical ID verification, providing a more seamless and efficient experience.
UnionBank, with its significant background in this area, has already established a strong foundation for such initiatives. The bank's infrastructure includes a Developer Portal featuring nearly 1,000 APIs and connections to almost 200 institutions. This robust infrastructure will undoubtedly support the smooth integration of Open Finance into the PERA ecosystem.
In the new OFXPERA system, customers can authorise the secure sharing of their current KYC data from an existing bank or e-wallet account. This feature allows them to open a PERA account using various participating apps, offering greater flexibility and convenience.
Ana Aboitiz Delgado, UnionBank's President and CEO, commented on the bank's participation, stating that it reflects the bank's shared commitment to building a more inclusive and financially empowered future for Filipinos. She further added that the integration of Open Finance into the PERA ecosystem will provide individuals with simpler and more confident ways to manage their long-term financial goals.
The initiative is preparing to enter Phase 2, and Ana pledged UnionBank's continued support and collaboration, extending to working alongside the BSP, other participants in the pilot, and the wider community. However, as of now, there are no relevant search results available regarding which financial institutions and groups are involved in Phase 2 of the Open Finance for PERA pilot initiative starting in July 2023.
UnionBank recently participated in the ceremonial launch of the OFXPERA Pilot, further demonstrating its commitment to this project. The project aligns with the BSP's goal of ensuring better retirement years for Filipinos, making it a significant step towards financial inclusion and empowerment.
This article's featured image is courtesy of Union Bank of the Philippines (UnionBank).
