BSP eyes innovation on IT-related data processes

By on July 27, 2017


The central bank chief said the system that is now being studied will also help the central bank determine which among the complaints submitted by the public need to be prioritized. (PNA photo)
The central bank chief said the system that is now being studied will also help the central bank determine which among the complaints submitted by the public need to be prioritized. (PNA photo)

MANILA, July 27—  Enhanced information technology-related process and regulations of the Bangko Sentral ng Pilipinas (BSP) will be in place within 2017 to address rising cybercrimes in the banking sector.

BSP Governor Nestor A. Espenilla Jr. said the central bank has received a technical assistance and their partner, which he did not name, is now identifying experts who will develop the system.

“Our main point is right now (is) we want to come up with a more efficient way and more effective way to get data from reporting institutions that is why we are talking about API (Application Programming Interface) systems,” he said.

The central bank chief said the system that is now being studied will also help the central bank determine which among the complaints submitted by the public need to be prioritized.

“Here we are using chatbots or artificial intelligence,” he said.

Espenilla said he has no idea how the pilot program will turn-out but noted that “it is worth the experiment.”

“We are keeping an open mind as to where this will go forward. It is parallel to our processes,” he added.

Relatively, BSP Deputy Governor Chuchi Fonacier said the central bank has existing rules on digital innovation and enhancements of these are in the pipeline.

She said new rules will be out within the next three to four months.

“The refinements are really with emphasis more on incident reporting,” she said, citing a possible requirement for banks to report even minor attacks within 48 hours. (PNA)