The Philippines’ leading digital challenger bank Rizal Commercial Banking Corporation (RCBC) is collaborating with Brankas to further amplify its digital payment streams through a Memorandum of Agreement, signed last June 20 at the RCBC Collaboration Hub (CollHub), A.T. Yuchengco Tower in Bonifacio Global City, Taguig.
The partnership supports the open finance framework of the Bangko Sentral ng Pilipinas (BSP) which aims to promote an enabling environment that fosters innovation, encourages coopetition, and advances financial inclusion.
The BSP launched the open finance initiative supported by the International Finance Corporation of the World Bank Group on June 21 at the BSP headquarters. “With Open Finance PH, we are taking a big step towards unlocking equal access to financial services for all Filipinos and building a cyber resilient and open digital economy,” BSP Governor Felipe Medalla said.
The new partnership empowers RCBC to facilitate merchants in accepting payments from RCBC Digital and RCBC DiskarTech apps users via Brankas, offering automated bank transfers from RCBC or DiskarTech accounts to any bank account for both individual and bulk transactions, while enabling digital platform integration for seamless bank account enrollment for merchants.
“This is a big step forward for the bank towards realizing its common vision with the government to digitally transform the Philippines and bank at least 70% of adult Filipinos and convert 50% of retail financial transactions by the end of 2023,” said Lito Villanueva, RCBC Executive Vice President and Chief Innovation and Inclusion Officer.
“With this collaboration, the possibilities for a better life become countless in an emerging internet economy and creation economy, and empowerment for the underserved and unbanked becomes magnified,” Villanueva added.
“Brankas and RCBC are pioneers in unlocking digital financial services for Filipinos, accelerated by Open Finance technology. Our partnership enables RCBC and Diskartech customers to safely link their accounts to their favorite apps. Together we enable instant, low cost, and reliable funds transfers using the Brankas Direct payments solution. Online businesses can enjoy lower transaction fees on their sales, and customers can enjoy an “embedded finance” experience with their favorite apps and wallets,” said Todd Schweitzer, Chief Executive Officer of Brankas Digital Technologies, Inc.
RCBC’s digital transformation journey catapulted the bank from eighth in 2018 to fifth position by end of 2022 amongst the Philippines’ largest privately-owned banks in terms of assets. RCBC has also become the most awarded bank in the Philippines. Among its global and local recognitions include a three-peat award as the Philippines’ Best Bank for Digital by Asiamoney, back-to-back wins for Best Financial Inclusion App by The Asian Banker’s Financial Technology Innovations Awards, and the YouTube challenger award for its viral and out-of-the-box digital ad campaigns generating combined views of over 17 million. Just recently, RCBC was also hailed as Grand Champion for Digital Payments and Financial Inclusion by the Bankers Institute of the Philippines.
Brankas is a leading global open finance technology provider providing API-based solutions, data and payments solutions for financial service providers (like banks, lenders and e-wallets) and online businesses. Brankas 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. With Brankas’ secure open banking technology, online businesses, fintech companies and digital banks can use Brankas APIs to create new digital experiences for their users.