The central bank of the Philippines, along with other stakeholders in the financial services industry in the country that are hoping to implement Open Finance in the region, recently acknowledged the vital part RPA will play in the process.
Industry participants will attempt to automate the process of making bank-managed APIs available to verified third parties that will use them to build an array of innovative financial services. Proponents say this will serve the goals of Open Finance stated in the 2021 framework released by Bangko Sentral ng Pilipinas to provide guidelines for the implementation of Open Finance.
“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,” said Todd Schweitzer, CEO of Brankas, which recently released a report on the subject. “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.”