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PhilSys National ID is enough to open bank accounts, says BSP

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The Bangko Sentral ng Pilipinas (BSP) declares the PhilSys National ID to be more than enough as a requirement to open a bank account.

In a statement, the BSP said that they are asking BSP Supervised Financial Institutions (BSFIs) to accept both the physical and mobile format of the PhilSys ID, saying that it is “sufficient and valid proof of identity” without the need for a secondary ID.

The PhilSys National ID is more secure, with online and offline methods of authentication compared to the conventional ID. It also offers QR code digital verification, biometric verification, and SMS one-time password (OTP).

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ALSO READ: How to apply for a PhilSys National ID online

The BSFIs were also directed to add the National ID as a valid form of ID for transactions.

Of course, the banks can still invoke their KYC policies and ask for additional identification should they deem it necessary.

If you haven’t yet, you can apply for a PhilSys ID, starting with an online application. You can check out the whole process on our post here — How to apply for a PhilSys National ID online.

Via: ABS-CBN News

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Bryan is a tech enthusiast and self-admitted geek who enjoys blogging and watching NBA clips on YouTube. He has over 20 years of experience in corporate communications, marketing services, and customer relations from different industries such as telecommunications and banking.

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