Netbank launches open product testing platform
NETBANK launched an openly accessible platform where Philippine companies can browse and test services, which they can embed in their own products.
“While some larger local banks have started to offer banking services through API (application programming interface), none have built the technology and the business from scratch, as we have done at Netbank,” Netbank Co-founder Gus Poston said in a statement.
Through the Netbank Virtual platform, financial institutions can do a self-service onboarding process when trying Netbank’s services. They will have access to a dashboard where they can generate their credentials, track their transactions, and manage their corporate bank accounts.
The platform will also serve as a sandbox environment where institutions can test different products to check how they fit their own offerings and processes.
Netbank will offer low-cost, high-quality banking services on a white-labeled basis to companies.
Through the platform, these entities can try Netbank’s open financial services such as account-as-a-service, which will allow entities to introduce digitally allowing clients to open bank accounts. It already includes electronic Know Your Customer process, account creation, and account management.
Other services that can be tried and tested through the platform are disburse-to-account and virtual account features, as well as loan and card management.
“Netbank Virtual allows fintechs to offer a much wider range of services, which will accelerate innovation and achieve the central bank’s goals of greater financial inclusion,” Mr. Poston said.
The Bangko Sentral ng Pilipinas is hoping to bring 70% of adult Filipinos into the financial system by 2023.
The central bank launched an open finance framework last year, which allows for customer consent-driven data sharing among institutions that follow the same data security standards. It is expected to be useful in Know Your Customer and credit underwriting processes, among others. — L.W.T. Noble
