UnionBank kicks off ‘OFxPERA’

UnionBank kicks off ‘OFxPERA’ | Daily Tribune

To further champion financial inclusion in the country, Union Bank of the Philippines (UnionBank) has recently launched the pilot Open Finance for PERA (OFxPERA).

The first bank to go live, the ceremonial launch of OFxPERA was graced by the Bangko Sentral ng Pilipinas (BSP), Personal Equity and Retirement Account (PERA) administrators, and key financial services partners in celebrating the major milestone.

As part of a select group chosen by the BSP, UnionBank is pioneering digital innovations that make the PERA more accessible and empowering for Filipinos planning their financial future.

Through the pilot, users can now open PERA accounts via participating apps using secure, consent-based sharing of their bank or e-wallet KYC (know your customers) data — eliminating the need for manual forms or physical ID verification.

“Technology should elevate lives, and we are proud to stand before you with a live integration. It is a privilege to support an initiative that reflects our shared commitment to building a more inclusive and financially empowered future for Filipinos,” said UnionBank president and CEO Ana Aboitiz Delgado. “By integrating Open Finance into the PERA ecosystem, we open new ways for individuals to manage their long-term financial goals with greater ease and confidence.”

The OFxPERA Pilot aims to enhance the PERA framework by leveraging Open Finance principles, enabling more seamless and transparent access to retirement planning tools.

UnionBank sees this as a timely step toward achieving the BSP’s goal of reaching 5 million PERA contributors, a vision that aligns with the Bank’s mission to democratize financial services through innovation.

UnionBank’s journey in open banking has already laid a strong foundation for this initiative.

With nearly 1,000 APIs (application programming interface) available on its Developer Portal and connections to close to 200 institutions, the Bank has built an ecosystem that fosters collaboration and customer-centric solutions.

The Bank also highlighted its recent strategic merger between UnionBank Investment Management and Trust Corporation and ATRAM, showcasing how partnerships can lead to more responsive and personalized financial services — especially when guided by Open Finance principles.

Looking ahead, UnionBank is preparing to integrate learnings from the OFxPERA Pilot into its UnionBank Online app, aiming to provide users with more convenient access to digital financial tools.

“UnionBank reaffirms its full support for this initiative and for what it stands for,” Delgado concluded. “We are committed to working alongside the BSP, our fellow participants, and the wider community as we enter Phase 2 — and to continuously learning, collaborating, and doing our part in advancing inclusive financial growth.”