RCBC pilots National ID eVerify platform
RCBC pilots National ID eVerify platform
RIZAL Commercial Banking Corporation (RCBC), the leading digital challenger bank in the Philippines, has successfully piloted the testing of the National ID eVerify platform, aiming to promote inclusive digital finance for unbanked and underserved Filipinos.
The integration allows Filipinos to use their National IDs for bank onboarding and other financial transactions through RCBC's digital channels: RCBC Pulz, the number one most downloaded financial app in the Apple AppStore; RCBC DiskarTech, the world's first multilingual financial inclusion app; and RCBC ATM Go, the Philippines' first and largest network of bank-agnostic and grassroots-oriented ATM network. With 87 million registered Filipinos in the National ID system, the eVerify platform offers secure verification via facial recognition and real-time data checks, enhancing protection against cyber threats.
The Department of Information and Communications Technology (DICT)'s milestone initiative on eVerify aims to enhance operational and cost efficiencies, enabling the onboarding of millions of unbanked and underserved Filipinos. This integration with the PhilSys National ID and other government identification databases will also benefit industry players by institutionalizing a shared electronic know-your-customer (eKYC) platform.
According to Lito Villanueva, executive vice president and chief innovations and inclusions officer at RCBC and founding chairman of the Fintech Alliance Philippines, this initiative will drive significant advancements in financial inclusion and digital transformation. FinTech Alliance PH is the country's first and largest association of digital ecosystem players collectively generating over 95 percent of fintech retail financial transaction volume today.
"This is a historical milestone for the Philippines' journey towards building a financially inclusive, empowered, and truly digital nation. Systems such as eKYC will become more efficient, accessible, and human-centered. We thank the national government agencies for partnering with us and for trusting us in forging the path ahead for financial and digital inclusion," said Villanueva.
DICT Secretary Ivan Uy emphasized that the Digital National ID shall "revolutionize" the way things are done in the government. "This modern identification system will streamline transactions, improve service delivery, and ultimately make doing business easier for everyone. I am excited to witness a positive change in how things are done with the Digital National ID," Uy said.
The Secretary and Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Frederick Go enthusiastically said that partnership among government agencies and financial institutions highlights bayanihan and industry support. "The digital National ID is a beacon of hope – a reminder that even the most ambitious dreams can become reality when we work together towards a common goal," Go said.
RCBC continues to be a market leader in digital solutions, solidifying its position as the fifth largest bank in the country in terms of assets. The bank embarked on a successful digital transformation journey anchored upon the thrust of making financial solutions accessible to all Filipinos, particularly in rural and remote areas.