UnionDigital Bank taps Thought Machine and Callsign to power its mobile app
The Philippines’ UnionDigital Bank, a neobank designed to broaden financial inclusion, has tapped vendors Thought Machine, Callsign and Metaco for their core banking, digital ID verification and digital asset solutions.
UnionDigital taps Thought Machine, Callsign and Metaco
The UnionDigital Bank app, which is now live for a limited set of customers, is a subsidiary of the Union Bank of the Philippines, which is looking to expand the range of digital banking services available to Filipinos.
It is designed to enable Filipino communities, businesses, and regulators to leverage fintech, blockchain, and open finance technologies to achieve inclusive prosperity.
Thought Machine’s API-enabled Vault Core solution will power the app and has enabled the firm to develop, build, modify, and launch new products and monitor customer and ledger positions in real-time.
UnionDigital has also tapped digital identity verification firm Callsign for its platform as it looks to protect its users against scams and fraud, including account takeover (ATO) attacks, by providing passive multi-factor authentication.
The firm is using Callsign’s 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.
UnionDigital Bank is also utilising Metaco’s Harmonize platform to pilot the launch of crypto services for its users.
UnionBank is one of a number of institutions granted a crypto licence under the supervision of the Bangko Sentral ng Pilipinas (BSP).
The digital bank is launching a pilot programme for Bitcoin (BTC) and Ethereum (ETH) custody and trading services for select retail customers, which follows other similar digital asset initiatives, such as launching its own stablecoin for remittance payments.
Working closely with financial regulators and other industry participants, the bank says it wants to expand the service and create a “safe and compliant environment for millions of Filipinos” to buy and exchange digital currencies, without the need to open or manage separate wallet services.
