THE Bankers Association of the Philippines (BAP) has partnered with a technology and consulting company to develop an industry-wide facility to enhance the country’s digital identity technology.
In a statement, BAP said it has paired with Amihan Global Strategies to establish a technology that would enable banks to validate, and for clients to provide personal information for banking transactions.
Centered on “self-sovereign identity,” the said technology will enable clients to upload personal information through their smartphones. Clients can provide the stored information to all participating banks, whether for opening new accounts or accessing banking services.
While the technology is still in its development phase, banks such as BDO Unibank, Inc., Metropolitan Bank & Trust Co., Bank of the Philippine Islands, UnionBank of the Philippines, Citibank, N.A., East West Banking Corp. and Asia United Bank have committed to use the platform in the future. BAP added that more banks are expected to follow.
The facility will be equipped with blockchain technology which will shield the databases from tampers and hacks.
Once rolled out, the Philippines will be one of the first few countries to use such technology for identity management.
BAP President Nestor V. Tan said in a statement that the initiative “will enable the banking industry to provide a more convenient and faster way of delivering banking services to the clients.”
Meanwhile, BAP operations committee chairman Abraham T. Co added that banks should use the rapid development of technology to improve, innovate and provide better services for the banking public. — Karl Angelo N. Vidal