AUB first bank to integrate Digital National ID
Asia United Bank (AUB)
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Asia United Bank (AUB) recently became the first Philippine bank to integrate with the Philippine Statistics Authority’s (PSA) eVerify system to authenticate a person’s registration with the National ID System.
“With this, all you need to open a HelloMoney account is to show your face,” said AUB Chief Compliance Officer Claire dela Rosa in a panel discussion on “National ID Success in Ease of Doing Business” at the PSA’s 3rd Philippine Identity Summit held Sept. 16 in Quezon City.
After receiving its PSA accreditation as a “Relying Party” on January 31, 2024 and becoming the first local bank to receive a security token from the PSA last July 30, 2024, AUB has been using the eVerify system for its electronic Know Your Customer (KYC) customer identity verification. This means the bank no longer requires customers to present a physical identification card when opening an account on its ewallet HelloMoney as eVerify features advanced facial recognition technology for real-time matching of an individual’s face, among other registered information, with the National ID registry. It also has a feature called the National ID Check to verify the authenticity of any format of the National ID, including the Digital National ID.
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“AUB knows from the start the significance of the eVerify system as the most effective way to check a customer’s identity when opening an account. It’s a game changer — it will change how banking transactions are done,” said Ms. Dela Rosa.
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After HelloMoney, AUB also plans to integrate eVerify with its branch banking service. This means when a potential customer already registered with the PSA’s National ID system opens a new account with AUB, they will no longer be required to present two valid IDs and fill out forms, explained Ms. Dela Rosa. “Your face is your ID. So you just need to look at the camera on the iPad in our branch for facial recognition and have a liveness test.”
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She also envisioned that the eVerify system can be used as well for over-the-counter cash withdrawals, doing away with signatures as proof of authorization or a one-time password for mobile banking transactions.
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In addition, eVerify also helps banks prevent identity fraud using the “your face as your identity” technology. Even with the proliferation of deepfakes (computer-created artificial videos),security is ensured as “the safekeeping of client data remains the responsibility of the bank. What we as financial institutions get from the PSA are the e-verification and e-KYC information presented during the National ID registration. Your identity cannot get verified if you do not have the correct biometrics and you did not go through the liveness test.?It's the best security measure the Philippines have so far,” Ms. Dela Rosa said.
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As of July 26, 2024, there are 33.5 million physical cards yet to printed by the PSA out of nearly 89 million Filipinos who registered with the National ID system. Ms. Dela Rosa said these 33.5 million Filipinos no longer have to wait for the delivery of their physical cards as the Digital ID now gives access to Filipinos and resident aliens to open accounts and perform various bank-related transactions, thus increasing bank lending activities and promoting financial inclusion.
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The PSA, in partnership with the Department of Information and Communications Technology, launched the National ID along with authentication platforms, National ID eVerify, and National ID Check, last June 10.Those registered with the National ID system can access and view their Digital National ID via https://national-id.gov.phor download the eGovPH app.
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“We take pride in being one of the early adopters of the National ID system, as this pioneering initiative supports AUB’s aspiration to become the Digital Partner of Choice, advocating for open collaboration and helping others share in our success and responsibility to deliver financial inclusion,” said AUB President Manuel A. Gomez. Through its digital partnerships, AUB has been enabling merchants to accept digital payments from their customers using its all-in-one digital payment acceptance product AUB PayMate and revolutionizing cross-border digital payments through its HelloMoney e-wallet, among others.
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iTechSolution Ph
CEO at StaffWiz | Staffing & Recruiting Solutions | Outsourcing | Virtual Assistant/Staffing | Workforce Management | Driving Business Success with Innovative Strategies
1 个月AUB’s initiative to integrate digital national IDs is a step in the right direction for modern banking. Simplifying identity verification processes will not only enhance customer convenience but also strengthen security across the board.
Subject Matter Expert offering Virtual Training on Know Your Money and Counterfeit Detection of the Philippine Peso and the United States Dollar and Third Currencies
1 个月Bravo AUB more power!
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2 个月Wil Rodriguez what about integrate police records such as arrests, detentions, indictments information, or any other criminal offences such as FRAUD?
ITILv4 | COBIT 5 | PRINCE2 | ISMS | CCISO
2 个月We are indeed in exciting times. This integration can become the first in the Philippines to allow a bank to verify the identity of individuals more securely and accurately using the national database. It can reduce the risk of identity fraud and ensures that the person opening an account or conducting transactions is indeed who they claim to be. Awesome move! A. U. B. for gearing towards Accessible Unified Banking