BPI expands open banking partnerships

BPI welcomes Luna Securities, Inc. as its newest partner in open banking, enabling clients to easily and conveniently trade stocks online and fund it from a BPI Online account.  Photo shows (L-R) BPI Head of Digital Partnerships and Ecosystems Eric Faustino, BPI President and CEO TG Limcaoco, Luna Securities, Inc. Chairperson John Gatmaytan and Luna Securities, Inc. President Francis Diaz.

The Bank of the Philippine Islands (BPI) is strengthening its open banking partnerships as it continues to expand its technological capabilities and widen its digital ecosystem for the benefit of its clients.

“Our ultimate goal is to make life easier and more convenient for our clients. One of the solutions we have identified is to embed digital banking into their daily lives through open banking. This will enable them to send and receive money, pay for purchases, top up e-wallets, apply for insurance, invest, and trade stocks,” TG Limcaoco, BPI President and CEO said.

Recently, the Bank started a partnership with mobile stock trading company Luna Securities, Inc., enabling Luna clients to trade stocks online and fund it through their BPI Online account.

“Partnering with Luna strengthens our commitment to offer Filipinos the right tools to grow their finances. We look forward to partnering with more companies to widen our reach and boost our digitalization efforts to help achieve financial inclusion,” Limcaoco added.

Currently, BPI has over 126 partners in its digital ecosystem covering more than 5,000 brands and services including newly onboarded key partners Entrego, Paymongo, UNOBank, Seabank, Philstocks, Swiftpay, Bizmoto, Truemoney, MYEG, and Razer.

BPI’s open banking aims to establish relationships with external parties and collaborate on new functions, features, and services that will create greater engagement with its clients. This is in line with the Bank’s strategic thrusts of digitalization, customer obsession, and sustainability.

Open Banking Journey

To date, 5.6 Mn BPI clients registered in BPI Online can use it as a gateway to engage in the ever-growing digital ecosystem of the Bank.

BPI is also the first bank to offer International Mobile Load via BPI QuickPay which enables BPI clients abroad to buy load through BPI QuickPay and stay connected to their families and loved ones in the Philippines.

Clients can also conveniently pay for a wide variety of government fees to SSS, Pag-IBIG Fund, BIR, and Philippine Statistics Authority through BPI e-Gov. Through this online facility, they can pay anytime and anywhere, and be assured that their transactions are protected through a One-Time PIN (OTP) verification.

BPI also launched eDonate, the Bank's dedicated portal for charities and sustainability initiatives. Through this facility, clients can share their blessings and donate anytime to help communities survive and thrive through challenges and environmental disasters.

“In the coming years, we will focus on sustaining the growth of the Bank's open banking offerings by delivering expanded capabilities and providing features that will deepen the relationship with our clients,” Limcaoco said.