Financial institution UnionBank contributes to the initiation of Open Finance, supporting the debut of the PERA pilot project
In a significant step towards digitising financial services, UnionBank of the Philippines has pledged its continued support and collaboration for the Open Finance for Personal Equity and Retirement Account (OFxPERA) Pilot. The bank participated in the ceremonial launch of the initiative, which aims to streamline and digitalise the onboarding process for the Personal Equity and Retirement Account (PERA).
UnionBank's President and CEO, Ana Aboitiz Delgado, emphasised the importance of this integration. She stated, "The integration of Open Finance into the PERA ecosystem offers simpler and more confident ways for individuals to manage their long-term financial goals."
The OFxPERA Pilot, which is entering Phase 2, allows customers to open a PERA account using various participating apps. The new system removes the need for customers to fill out manual forms or undergo physical ID verification. Instead, users can authorise the secure sharing of their current Know Your Customer (KYC) data from an existing bank or e-wallet account.
UnionBank, with its significant background in this area, has already established a strong foundation for such initiatives. The bank boasts an infrastructure that includes a Developer Portal featuring nearly 1,000 APIs and connections to almost 200 institutions.
Aboitiz Delgado further expressed her privilege in supporting an initiative that reflects UnionBank's commitment to building a more inclusive and financially empowered future for Filipinos. She reiterated that this commitment extends to working alongside the Bangko Sentral ng Pilipinas (BSP), other participants in the pilot, and the wider community.
The BSP, which was also present at the launch, shares this commitment. This initiative aligns with the BSP's goal of ensuring better retirement years for Filipinos.
Other financial partners were involved in the OFxPERA Pilot launch, marking a significant step forward in the digitalisation of financial services in the Philippines. UnionBank, with its continued support and collaboration, is preparing to incorporate the key learnings from the OFxPERA Pilot into its proprietary UnionBank Online application to enhance user convenience when accessing the bank's digital financial tools.
For more information about the OFxPERA Pilot and UnionBank's role in it, visit the UnionBank Developer Portal at developer.unionbankph.com.
This article was written with the participation of UnionBank of the Philippines, which provided the images and information used. The feature image for this article is courtesy of Union Bank of the Philippines.
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