Union Bank of the Philippines (UnionBank) took part in the ceremonial launch of the Open Finance for PERA (OFXPERA) Pilot. The bank was joined by the Bangko Sentral ng Pilipinas (BSP) and fellow financial partners for the milestone event.

The pilot programme aims to simplify and digitise the onboarding process for the Personal Equity and Retirement Account (PERA) using an Open Finance framework.

The new system allows customers to open a PERA account using various participating apps. It works by letting users authorise the secure sharing of their current KYC data from an existing bank or e-wallet account.

This new method removes the need for customers to fill out manual forms or undergo physical ID verification.

In a statement, UnionBank President and CEO Ana Aboitiz Delgado commented on the bank’s participation.

“It is a privilege to support an initiative that reflects our shared commitment to building a more inclusive and financially empowered future for Filipinos,” she said.

Ana continued by saying that the integration of Open Finance into the PERA ecosystem provides individuals with simpler and more confident ways to manage their long-term financial goals.

This initiative aligns with the BSP’s goal of ensuring better retirement years for Filipinos.

UnionBank has a significant background in this area and has already established a strong foundation for such initiatives. Its infrastructure includes a Developer Portal with nearly 1,000 APIs and connections to almost 200 institutions.

UnionBank is preparing to incorporate the key learnings from the OFxPERA Pilot into its proprietary UnionBank Online application. The goal is to enhance user convenience when accessing the bank’s digital financial tools.

As the initiative prepares to enter Phase 2, Ana pledged the bank’s continued support and collaboration.

This commitment extends to working alongside the BSP, other participants in the pilot, and the wider community.

Featured image by Union Bank of the Philippines (UnionBank).