In 2021, the BSP issued the Open Finance Framework providing the guidelines for enabling Open Finance in the Philippines and setting the standard across Southeast Asia. The regulatory framework is aligned with the Bangko Sentral ng Pilipinas (BSP) Digital Payments Transformation Roadmap 2020-2023, which aims to strengthen customer preference for digital payments and promote more innovative and responsive digital financial services.
The use of Robotic Process Automation (RPA) to develop RPA-based application programming interfaces (APIs) that accredited third parties can have secure access to could be transformative.
“The implementation of the BSP Open Finance Framework will potentially change the lives of Filipino consumers and leads us a step closer towards holistic financial inclusion in the Philippines.
Customer-consented Robotic Process Automation (RPA) is the crucial technology that we need to get there — by allowing the safe and secure use of RPA, we as an industry can collectively enable Filipinos to avail new and alternative financial products and services, with better quality and at an affordable cost, without compromising their financial consumer and data privacy rights”, highlighted Todd Schweitzer, CEO of Brankas, Southeast Asia’s leading Open Finance technology company.
RPA-based APIs:Unlocking the Potential of Open Finance is a white paper published by Brankas, FinScore, Finverse and Smile API, with support from the recently formed Open Finance Committee of FinTech Philippines Association.
It demonstrates how RPA-based APIs directly support and enable the goals of the BSP Open Finance Framework. They enable customers to securely access their bank’s or financial institution’s online services and are also readily used and trusted by customers globally and in the Philippines for credit scoring, reconciliation and accounting operations, eCommerce payments, and transfers to digital bank accounts.
While there are concerns and perceived risks surrounding RPA technologies — open, fact-based discussion among industry and regulatory bodies can enable an Open Finance sector that protects consumers, empowers customer choice, and enables the next generation of Open Finance solutions.
Brankas is the leading Open Finance technology provider in Southeast Asia. It partners with banks to build and manage their Open Finance infrastructure, producing APIs for real-time payments, identity and data, new account opening, remittances, and more.
