LandBank of the Philippines and Overseas Filipino Bank (OFBank) have recorded 211,000 new accounts opened without the need for a physical government-issued ID since launching their National ID-enabled service in July.
The new feature allows customers to open accounts through the LandBank and OFBank Mobile Banking Apps or their digital onboarding websites. Identity verification is done in real time through the Philippine Statistics Authority (PSA), removing the need to present or upload a physical ID.
The service uses the National ID Authentication Services (NIDAS), which was adopted by LandBank, OFBank, the Department of Information and Communications Technology (DICT), and the PSA.
The four agencies formalized the use of NIDAS as the primary proof of identity for digital account opening through a subscription contract signed on August 14.
OFBank said the service is also expected to make account opening easier for overseas Filipinos and their families.
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