RCBC unit shifts to cloud-based technology
Lawrence Agcaoili (The Philippine Star) - October 22, 2019 - 12:00am

MANILA, Philippines — The thrift bank arm of Yuchengco-led Rizal Commercial Banking Corp. (RCBC) has tapped Poland-based NXTBNK to fully shift to a cloud-based core banking system.

Rizal MicroBank president Raymundo Roxas said the thrift bank is the first bank to be given the green light by the Bangko Sentral ng Pilipinas (BSP) to shift to a cloud-based core banking system.

“This major development truly advances our capabilities to provide access to financial services, especially to the underserved and unbanked segment. Moreover, it reaffirms our commitment towards the digital financial inclusion strategy of BSP,” Roxas said.

The platform enables Rizal MicroBank to utilize an efficient automated system in enacting basic banking transactions and generating internal and regulatory reports, minimizing the time requirement for opening deposit accounts, and applying for microfinance and small business loans.

The platform is deployed through Amazon Web Services that includes an open source application program interface that enables the bank to be adaptable and compatible for open banking.

Envisioned to be at the forefront of digital financial inclusion, Rizal MicroBank’s move to utilize a next-gen cloud platform in its banking operations provides a more conducive environment to further serve the unbanked and underserved sector.

The bank recently launched basic deposit account and has enabled more than 3,500 Filipinos to open their first formal savings account.

Now with more capabilities, the thrift bank is gearing up its efforts in expanding its business through agency banking program allowing local merchants and entrepreneurs to perform basic banking services and offer the bank’s products and services to those residing in far-flung unbanked areas.

RCBC president and Rizal MicroBank chairman Eugene Acevedo has his vision set for the thrift bank to become the neighborhood bank in most of the 42,000 barangays of the country.

“Technological innovation is meaningless if it does not touch and improve the lives of small people especially those who have been long deprived of access to much-needed financial services,” Acevedo said.       

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