Union Bank of Philippines’ digital subsidiary UnionDigital Bank has tapped London-based software company Thought Machine and security solutions provider Callsign for their core banking and digital identity verification processes.
UnionDigital Bank’s CEO Arvie de Vera said that the new solutions will power the bank’s mobile application which is currently live for limited customers.
The bank has deployed Thought Machine’s core banking engine, Vault Core - the next-generation core technology to swiftly build products offering flexibility, control, and ease of integration with other technology systems.
Its product-building framework is said to have helped them build, modify, and launch new products.
“Vault Core is fully API-enabled and operates in real-time, allowing us to have an up-to-date, accurate view of customer and ledger positions,” he added.
The bank is also looking to expand the range of digital banking services available to Filipino communities, businesses, and regulators to leverage fintech, blockchain, and open finance technologies.
It has leveraged Callsign’s digital identity verification to protect its users against scams and fraud, including account takeover (ATO) attacks. Its passive authenticators such as behaviour PIN and path allow multi-factor authentication, an interaction that is unlike any analog methods, such as username, passwords and OTPs.
UnionDigital Bank’s chief information and security officer said they can now deliver customers an easy and frictionless authentication experience to access their bank accounts through the mobile app and web.
The bank uses behavioural biometric technology to analyse unique human characteristics such as the way the user types, interacts and holds their phone with device fingerprinting which creates a “precise, unique profile” from which legitimate devices can be identified.
It has also deployed a Bot detection solution that can estimate whether attempts to access a service are likely to be generated by automation or a real human.
“An Intelligence Engine analyses behavioural and intelligence data points to ascertain if a genuine user is accessing an account,” he explained.
In case of unusual attempts, UnionDigital Bank can quickly adapt the authentication journey in Callsign's Orchestration Engine where rule-based policies can be managed in real time with no code changes.
“This allows us to adapt to the fast-changing needs of our customer base.”
