UnionBank to collaborate with BIAN and its members to define the future of banking standards
November 18, 2020Â – UnionÂ Bank of the PhilippinesÂ (UnionBank)Â is now a member of global banking standard organization, Banking Industry Architecture Network (BIAN). UnionBankÂ joins other leading international banks and technology partners to become the first and only bank from the Philippines to join BIAN.
BIAN, which was established in 2008, isÂ a non-profit organization that aims toÂ provide the world with the best banking architecture”‹ and to be the banking technology standard by providingÂ a common architectural framework across the industry.Â BIAN’s ecosystem is formed by banks and fintechs, technology providers, consultants and academics from all over the world.
The rapid development in consumer technology has driven customers to expect instant services and the delivery of frictionless solutions and platforms. To date, the financial services industry has found it hard to keep up with these demands.Â UnionBankÂ has always been among the first to embrace digital technologiesÂ which address these needs, while empowering customers through innovative products and services.
UnionBank is looking forward to taking advantage of BIAN’s wide array of special projects such as but not limited to Open APIs and Coreless Banking. BIAN also promotes interoperability and simplified banking architecture that is aligned with the bank’s service-oriented architecture principles.Â UnionBank’sÂ enterprise architecture formed part of its digital transformation strategy, which has helped to ensure that its technological solutions are aligned to its business capabilities and functions.
“At UnionBank, as we continue to redefine and re-imagine the playing field, with customer experience as our beacon, it is important that we conform to global standards and best practices that allows simple and faster integration with other partner institutions. This is why a BIAN-based Enterprise Architecture is highly essential as we journey more and more towards Open and Embedded Banking interconnecting partners and FinTechs, not just in the Philippines, but also throughout the region. We are very pleased to be the first Philippine bank to be a member of BIAN and we look forward to be an active participant that will drive the standardization across the industry,”said Dennis Omila, Executive Vice President and Chief Information Officer of UnionBank.
Through joining BIAN,Â UnionBankÂ can help to define banking technology standards, creating industry-wide best practices andÂ play an active role in shaping the future of banking.Â The bank sees this as an opportunity to introduce change, possibly open doors for new business models while reinforcing superior customer experience.Â UnionBank’s technical experts can join a variety of different working groups to focus on the likes of Semantic APIs, Product Certifications, Cards, Lending and Fraud Management where they can collaborate with other industry experts, analysts and peers.
In addition to this, UnionBank will be able to increase its knowledge through its exposure and access to different artifacts and architecture documents. BIAN also provides interactive online trainings to members for free. These benefits will help the bank with its promise to power the future of banking by co-creating innovations for its customers and itsÂ commitment to be theÂ Philippines’ leading digital bank.Â UnionBankÂ believes thatÂ this will bring the bank one step further in implementing efficient and innovative productsÂ to serve the growing needs of the Filipino.
“We’re proud to welcome UnionBank to our growing organisation”, said Hans Tesselaar, Executive Director of BIAN. “UnionBank is well known for putting the customer first and being at the forefront of banking innovation across its country. As the needs of the customer continue to change, we’re excited to work with UnionBank and its technical experts. Together, through greater collaboration and the sharing of experience we can come to provide greater innovations across the globe.”
Established in 2008, the Banking Industry Architecture Network (BIAN) is an independent, member owned, not-for-profit association, designed to build and promote a common architectural framework for banking interoperability issues.Â BIAN’s goal is to define operability and semantic definitions for IT services in the banking industry. The community of over 80 members focuses on creating a standard semantic banking services landscape, while ensuring consistent service definitions, levels of detail and boundaries. This will help banks to achieve a reduction of integration costs and take advantage of a service-oriented architecture.
Financial institutions, software vendors, and system integrators, along with technology partners, are invited to join the association and play a collaborative role with other industry leaders in defining, building and implementing next-generation”¯banking”¯platforms.