Financial institution UnionBank joins the open finance movement by taking part in the launch of the PERA pilot project

In a significant move towards digital transformation, UnionBank of the Philippines (UnionBank) has joined the Open Finance for PERA (OFXPERA) Pilot. The initiative, aimed at simplifying and digitising the onboarding process for the Personal Equity and Retirement Account (PERA), was launched recently with the presence of key financial players, including the Bangko Sentral ng Pilipinas (BSP).

Ana Aboitiz Delgado, UnionBank's President and CEO, commented on the bank's participation, stating, "It is a privilege to support an initiative that reflects our shared commitment to building a more inclusive and financially empowered future for Filipinos."

The new system allows customers to open a PERA account using various participating apps, removing the need for manual forms or physical ID verification. This is made possible by letting users authorise the secure sharing of their current KYC data from an existing bank or e-wallet account.

UnionBank's infrastructure, including a Developer Portal with nearly 1,000 APIs and connections to almost 200 institutions, makes it well-prepared for such initiatives. The bank is also preparing to incorporate the key learnings from the OFxPERA Pilot into its proprietary UnionBank Online application, with the goal of enhancing user convenience when accessing the bank's digital financial tools.

Other financial partners were present for the OFXPERA Pilot launch, including Banco de Oro (BDO), who will act as a key banking partner facilitating the integration and implementation of open finance initiatives for the program. The initiative aligns with the BSP's goal of ensuring better retirement years for Filipinos.

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. The integration of Open Finance into the PERA ecosystem, as Ana noted, provides individuals with simpler and more confident ways to manage their long-term financial goals.

The OFXPERA Pilot aims to revolutionise the PERA onboarding process, making it more accessible and convenient for Filipinos to plan for their retirement years. UnionBank's participation underscores its commitment to fostering financial inclusion and empowerment in the Philippines.

Featured image by Union Bank of the Philippines (UnionBank). (This image is for illustrative purposes only and does not form part of the news article.)

Financial institution UnionBank joins the open finance movement by taking part in the launch of the PERA pilot project