Rizal Commercial Banking Corporation (RCBC) has become the first local bank to advocate and implement open banking in the country, affirming its position as a digital trailblazer in the financial industry.
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In a talk on digital transformation delivered during the recent Philippine Digital Convention at the Marriott Hotel, RCBC Chief Innovation and Inclusion Officer Lito Villanueva said RCBC is pushing for open banking to power rural banks, cooperatives, microfinance institutions (MFIs) and FinTech players' transactions via open application programming interfaces (APIs).
It reduces barriers to innovation, eliminates the big banks' "walled gardens," and enables small players to be part of the National Retail Payments System (NRPS) ecosystem.
