process automation -based application programming interfaces directly support and help realize the objectives of the Open Finance Framework issued by the Bangko Sentral ng Pilipinas in 2021.
“The implementation of the BSP Open Finance Framework will potentially change the lives of Filipino consumers and leads us a step closer toward holistic financial inclusion in the Philippines,” Brankas chief executive officer Todd Schweitzer said, citing the importance of RPA to develop bank-managed APIs securely available to verified third parties.
Dubbed “RPA-based APIs: Unlocking the Potential of Open Finance,” the document discusses how they are the only readily available technology that can enable a fully inclusive fintech ecosystem for customers to securely access their bank’s or financial institution’s online services. With its legitimate and recognized utilization globally, it is deemed an interim solution prior to bank-supported open APIs being made available by the thousands of financial institutions in the Philippines, and a fallback to ensure financial consumer choice when bank-managed APIs are offline, underperformed or unavailable.