Image from OFBank’s Facebook page.
The Department of Finance (DOF) and the Land Bank of the Philippines launched the Overseas Filipino Bank (OFBank) as a digital-only, first branchless Philippine government bank that allows clients to complete banking transactions anytime and anywhere across the globe.
As a digital-only facility, the OFBank, a fully-owned subsidiary of LandBank, now utilizes Digital Onboarding System with Artificial Intelligence (DOBSAI) to facilitate real-time account opening via the OFBank’s Mobile Banking Application. The new digital account opening platform allows overseas Filipinos (OFs), overseas Filipino workers (OFWs) and their beneficiaries to securely and conveniently submit all requirements online.
There are three types of accounts available in OFBANK’s DOBSAI: the OFBank Visa Debit Card for OFs and OFWs, the OFBank Visa Debit Card for beneficiaries, and the OFBank Debit Card for beneficiaries below 18 years old. These are interest-bearing peso savings accounts with no minimum initial deposit and monthly average daily balance (ADB), as well as dormancy fees. To earn interest, the accounts need to have a daily balance of P500.00.
In opening an account using DOBSAI via the OFBank Mobile Banking App, the applicant will only need to take a “selfie” and the system will compare this photo with the photo in the valid identification (ID) card uploaded by the client. The app likewise has advanced encryption and security technology that protects sensitive information.
The OFBank Visa Debit Card allows cardholders, specifically the beneficiaries of OFs and OFWs, to receive secure and convenient real-time fund transfers using Visa Direct, Visa’s real-time payment solution through the 16-digit card number.
OFBank account holders can use OFBank’s mobile facility to transfer funds to their beneficiaries’ OFBank and LANDBANK accounts, free of charge. Interbank fund transfers, on the other hand, are subject to a service fee of P25.00 per transaction via InstaPay and P15.00 per transaction via PesoNet.
OFBank online channels
The OFBank also introduced its website. The newly redesigned site contains key information about OFBank, list of products and services, and answers on Frequently Asked Questions (FAQs) from the banking public, among others.