Salmon partners with PSA to integrate National ID eVerify for improved identity verification in financial services in the Philippines, enhancing accessibility and security. This collaboration offers numerous benefits including streamlined account processes and increased financial inclusion.
Salmon has announced a partnership with the Philippine Statistics Authority (PSA) to incorporate the National ID eVerify system into its platform. This integration is designed to enhance accessibility to financial services for Filipinos by streamlining identity verification processes. Traditionally, the verification system relied on physical documents, which created barriers for individuals, particularly in remote areas.
The new initiative enables businesses to conduct digital identity verification seamlessly through the National ID eVerify integration. This advancement leads to a faster, more secure, and convenient verification experience for customers seeking financial services. Key benefits include simplified account opening, improved KYC compliance, accelerated loan processing, heightened fraud prevention measures, and greater financial inclusion.
With digital identity verification, individuals can more easily open accounts and gain access to essential financial services, regardless of their geographical location. Raffy Montemayor, co-founder of Salmon, reiterated the company’s commitment to improving financial accessibility, stating that the integration of PSA’s system eliminates physical barriers.
This partnership marks a meaningful leap toward digital transformation within the Philippines’ financial sector, positioning Salmon as a catalyst for an inclusive banking experience. Salmon Group Ltd, a financial technology enterprise, is focused on increasing financial access throughout Southeast Asia and is supported by global investors such as the International Finance Corporation (IFC) and Abu Dhabi’s sovereign wealth fund (ADQ).
The integration of the National ID eVerify system by Salmon and the PSA represents a crucial advancement in the Philippines’ financial landscape, promoting improved identity verification and greater accessibility to financial services. This collaboration not only simplifies processes but also enhances security and efficiency, marking a significant step toward the modernization of banking for all Filipinos.
Original Source: fintechnews.ph
