Banks told to leverage on technologyMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has directed banks and financial institutions to leverage on technology in the submission of prudential reports as part of efforts to further enhance the supervision of all stakeholders in the industry. “This memorandum aims to provide information on the general requirements to migrate to API-based submission and enable banks to plan and prepare the necessary resources for the API adoption,” Fonacier said. Fonacier said the migration to API-based submission would be implemented in phases based on the readiness of banks in recognition of the varied stages of information technology maturity of banks. “The BSP shall closely coordinate with banks and industry associations to facilitate the migration process and build awareness and capacity on this initiative,” she said. According to the central bank, banks that are not yet capable to migrate to API-based submission of prudential reports are allowed to submit through the web-based platform providing single access point for a defined time period.

Source: Philippine Star October 10, 2021 15:56 UTC