Salmon and PSA Collaborate to Enhance Financial Access via National ID eVerify

Salmon has partnered with the Philippine Statistics Authority to integrate the National ID eVerify system into its platform, aiming to improve financial service accessibility for Filipinos. This move will simplify identity verification, making processes faster and more secure, particularly for individuals in remote areas. The initiative enhances customer experience by streamlining account openings, expediting loans, and improving fraud prevention efforts.

Salmon has formed a partnership with the Philippine Statistics Authority (PSA) to incorporate the National ID eVerify system into its platform. This collaboration aims to enhance accessibility to financial services for Filipinos by streamlining identity verification processes.

Historically, identity verification in the Philippines has relied on physical documents and time-consuming procedures, which have often impeded access to financial services, particularly for individuals in remote areas.

To mitigate these challenges, Salmon is facilitating digital customer identity verification through the PSA’s National ID eVerify system. This integration promotes a quicker, more secure, and convenient process for users.

The collaboration presents multiple advantages, such as simplified account openings, improved KYC compliance, faster loan processing, enhanced fraud prevention, and increased financial inclusion for diverse populations.

By utilizing digital identity verification, customers gain easier access to financial services and can open accounts irrespective of their geographical location. Raffy Montemayor, Co-Founder of Salmon and Chairman of the Rural Bank of Sta. Rosa (Laguna), Inc., highlighted the firm’s commitment to enhancing financial accessibility.

“We are committed to making identity verification more efficient and secure for our customers. Integrating PSA’s National ID eVerify removes unnecessary barriers, making financial services more accessible to everyone,” he stated. This partnership marks a pivotal advancement in the digital transformation of the Philippines’ financial sector.

Salmon Group Ltd, including its subsidiaries, is a financial technology enterprise focused on improving financial accessibility throughout Southeast Asia, supported by global investors such as the International Finance Corporation (IFC) and the sovereign wealth fund of Abu Dhabi (ADQ).

In summary, Salmon’s partnership with the PSA to integrate the National ID eVerify system significantly advances the accessibility of financial services in the Philippines. By facilitating digital identity verification, the collaboration enhances the efficiency and security of financial transactions, ultimately promoting greater financial inclusion. This initiative signifies a major step forward in the modernization of the financial landscape in the Philippines.

Original Source: fintechnews.ph