The Latest Open Finance Platform White Paper Brankas explains how RPA-based APIs directly support and enable the goals of Bangko Sentral of the Philippines (BSP) open funding framework.
In 2021, the Bangko Sentral ng Pilipinas (BSP) released the Open Finance Framework providing the guidelines to enable open finance in the Philippines and setting the standard across Southeast Asia.
The regulatory framework is aligned with BSP’s “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 framework cites greater competition, consumer data and financial control and more informed decision-making as central goals of open finance.
The framework also promotes a more fluid discussion around the technologies that will enable the use of open finance; particularly in the dynamic financial landscape of the Philippines.
It identifies the technologies needed to create an open financial ecosystem where bank-managed APIs are securely available to verified third parties.
Using robotic process automation (RPA) to develop RPA-based APIs that accredited third parties can have secure access to could be transformative.
In line with advanced open finance industries like the EU, US, and Australia, the use of RPA technology is both a necessary interim solution before bank-backed open APIs are released. provision by the thousands of financial institutions in the Philippines, and a necessary “fallback solution”. solution” to ensure choice for financial consumers when bank-managed APIs are offline, underperforming, or unavailable.
“The implementation of the BSP Open Finance Framework will potentially change the lives of Filipino consumers and bring us closer to holistic financial inclusion in the Philippines,” says Todd SchweitzerCEO of open financial technology company Brankas.
“Customer-consented RPA is the crucial technology we need to achieve this – by enabling the safe and secure use of RPA, we, as an industry, can collectively enable Filipinos to benefit from products and services new and alternative financial institutions, with better quality and at an affordable cost, without compromising their financial consumer and data privacy rights,” continues Schweitzer.
Evolve to use RPA-based APIs safely, legally, and securely while directly enabling financial inclusion
With the support of the newly formed group FinTech Philippines Association Open Finance CommitteeBrankas, EndScore, Finverse and Smile API recently released a joint white paper called “RPA-Based APIs: Unleashing the Potential of Open Finance”.
According to the publication, their use enables customers to securely access their bank or financial institution’s online services and is also easily used and trusted by customers worldwide and in the Philippines for credit scoring, transaction reconciliation and accounting, e-commerce payments and transfers to digital. Bank accounts.
The post also explains how RPA-based APIs are the only readily available technology that can enable a fully inclusive fintech ecosystem and achieve financial inclusion, while also highlighting how RPA-based APIs are globally recognized and legally applicable to various markets. worldwide.
In the UK, for example, the nine largest UK banks have adopted an open API standard with RPA-enabled APIs as essential fallback technology when bank-managed APIs are unavailable.
In the United States, RPA remains a core technology and is supported by the Consumer Financial Protection Bureau for the sharing and aggregation of consumer-authorized financial data.
Additionally, the white paper explains that RPA-based APIs are legal in the Philippines under applicable laws and are enabled by key policies under competition, consumer protection, and privacy laws. In particular, it implements the financial consumer’s data privacy rights of access and data portability.
While there are concerns and perceived risks around RPA technologies, an open, fact-based discussion between industry and regulators can enable an open financial sector that protects consumers, gives customers choice, and enables the next generation of open finance solutions.