Leading digital challenger bank Rizal Commercial Banking Corp. is teaming up with Brankas Digital Technologies Inc. to further amplify its digital payment streams through a memorandum of agreement on June 20, 2023 at the RCBC Collaboration Hub (CollHub) at A.T. Yuchengco Tower in Bonifacio Global City, Taguig.
The partnership supports the open finance framework of the Bangko Sentral ng Pilipinas which aims to promote an enabling environment that fosters innovation, encourages coopetition and advances financial inclusion. The BSP launched the open finance initiative supported by the International Finance Corp. of the World Bank Group on June 21 at the BSP headquarters.
“With Open Finance PH, we are taking a big step towards unlocking equal access to financial services for all Filipinos and building a cyber resilient and open digital economy,” BSP Governor Felipe Medalla said.
The new partnership empowers RCBC to facilitate merchants in accepting payments from RCBC Digital and RCBC DiskarTech apps users via Brankas, offering automated bank transfers from RCBC or DiskarTech accounts to any bank account for both individual and bulk transactions, while enabling digital platform integration for seamless bank account enrollment for merchants.
“This is a big step forward for the bank towards realizing its common vision with the government to digitally transform the Philippines and bank at least 70% of adult Filipinos and convert 50% of retail financial transactions by the end of 2023,” said RCBC executive vice president and chief innovation and inclusion officer Lito Villanueva.
“With this collaboration, the possibilities for a better life become countless in an emerging internet economy and creation economy, and empowerment for the underserved and unbanked becomes magnified,” Villanueva said.
“Brankas and RCBC are pioneers in unlocking digital financial services for Filipinos, accelerated by Open Finance technology. Our partnership enables RCBC and Diskartech customers to safely link their accounts to their favorite apps. Together we enable instant, low cost, and reliable funds transfers using the Brankas Direct payments solution. Online businesses can enjoy lower transaction fees on their sales, and customers can enjoy an ‘embedded finance’ experience with their favorite apps and wallets,” said Brankas chief executive Todd Schweitzer.
Brankas is a leading global open finance technology provider of API-based solutions, data and payments solutions for financial service providers including banks, lenders and e-wallets and online businesses.
Open Banking, a concept that allows third-party financial service providers (TSPs) to access financial data with customer consent, has been gaining traction globally. Malaysia, recognizing the potential benefits of open banking, has made significant strides in implementing related policies.
As the region enjoys rapid digital transformation, Cambodia stands out as a country to watch. Despite its historical challenges, Cambodia’s economy demonstrated resilience in 2023 and is primed for robust growth in the coming years.
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