Overseas Filipino Bank goes digital, branchless

MANILA, Philippines  — State-run Overseas Filipino Bank (OFBank) is now operating as a “digital only, branchless” bank, allowing clients to open accounts and conduct banking transactions anytime and anywhere across the globe.

In a Facebook live Monday, the Department of Finance (DOF) and the Land Bank of the Philippines held the virtual launching of OFBank and introduced the bank’s digital channels.

“Despite the global health crisis besetting the country today, our government remains true to its commitment of upholding the welfare of all Filipinos abroad and their families. The launch of OFBank today as a digital-only, first branchless Philippine bank is a testament to this,” Landbank president and OFBank chairman Cecilia Borromeo said in a statement.

OFBank is a fully owned subsidiary of Landbank.

As a digital-only facility, OFBank utilizes the digital onboarding system with artificial intelligence (DOBSAI) to facilitate real-time account opening through its mobile banking application.

This would allow overseas Filipinos, overseas Filipino workers (OFWs) and their beneficiaries to securely and conveniently submit all requirements online.

Landbank assured the public that opening an account using the platform is safe and secure.

“The applicant will only need to take a ‘selfie’ and the system will compare this photo with the photo in the valid identification (ID) card uploaded by the client. The app likewise has advanced encryption and security technology that protects sensitive information,” Landbank said.

Clients may avail of three types of accounts through OFBank’s mobile app. These are the OFBank Visa debit card for OFs and OFWs, the OFBank Visa debit card for beneficiaries, and the OFBank debit card for beneficiaries below 18 years old.

Landbank said these are interest-bearing peso savings accounts with no minimum initial deposit and monthly average daily balance, as well as dormancy fee. To earn interest, the accounts need to have a daily balance of P500.

The debit card allows cardholders to receive real-time fund transfers using Visa Direct, Visa’s real time payment solution.

Account holders may also use the mobile facility to transfer funds to their beneficiaries’ OFBank and Landbank accounts, free of charge. Interbank fund transfers, on the other hand, are subject to a service fee of P25 per transaction via InstaPay and P15 per transaction via PesoNet.

Meanwhile, OFBank said it is also increasing its presence online to reach more Filipinos worldwide.

The bank yesterday introduced its redesigned website, www.ofbank.com.ph, and opened its official Facebook page.

“As the OFBank becomes fully digital, we aim to better serve the banking and financing requirements of our kababayans abroad, as well as their families here in our country. Rest assured that OFBank will continuously work on providing safe, reliable and secure digital banking,” OFBank president and chief executive officer Leila Martin said.