Union Bank of the Philippines (UnionBank) is inviting fintech companies and startups in the country to make use of the bank’s wide range of application programming interface (API) options to develop solutions to problems hounding the finance and banking sector today.
This initiative is in line with the bank’s digital transformation roadmap and aims to enable sustainable banking solutions by fostering imagination, innovation and collaboration between the bank and its partners.
“We want fintechs and startups to use our APIs so they are more empowered to create solutions that can impact the lives of stakeholders, not just in the banking and finance sector, but also in sectors that rely on it,” said Henry Aguda, UnionBank’s senior executive vice president and chief technology and operations officer and chief transformation officer.
UnionBank’s developer platform consists of various APIs that enable seamless and convenient transactions with the bank’s existing services.
Among the different APIs available to interested developers is a merchant payment gateway that allows apps to accept payments from UnionBank account holders, as well as one that allows an app to transfer funds to UnionBank account holders.
In addition to streamlining the development of solutions for partners, part of the API roadmap is also to allow them to make use of UnionBank’s existing connections with other organizations in the country.
“We also want our partners to be able to leverage on our growing network connecting us to organizations that rely heavily on banking and finance solutions for their transactions. So, when our partners use our APIs, they also become part of that network.”
-Dennis Omila, Chief Information Officer, UnionBank
UnionBank is currently part of a network that includes government agencies such as the Philippine Social Security System and the Government Service Insurance System, as well as pawnshops, payment outlets, remittance networks, and convenience stores such as 7-Eleven, among others.
Inviting potential partners to use the APIs, UnionBank chairman and chief executive officer Justo Ortiz said “through collaboration, we can create solutions that are not only innovative, but also sustainable.”
“We believe that together, we can make the difference in the communities that we serve, and that we can achieve a lot more in terms of empowering these communities,” Ortiz said.
For his part, UnionBank’s Fintech Business Group Head Arvie de Vera said, “The Fintech Business Group was created precisely to cater to the specific and customized needs of fintechs. We want to enable all fintechs by giving them a platform, a launch pad to succeed. Whether they need our APIs or a customer segment or base to pilot test – we are here to help them.”
All of the bank’s API offers can be found on the UnionBank developer platform uhac.unionbankph.com., and interested startups and fintechs can visit the site or reach out to UnionBank’s fintech banking group at firstname.lastname@example.org.