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Under a draft memorandum, nearly all BSP-supervised institutions would need to onboard with the Philippine Statistics Authority’s (PSA) National ID Authentication Services (NIDAS) for customer due diligence, including account opening and identity verification. The BSP said NIDAS would allow financial institutions to use biometric and demographic verification to support secure and reliable digital customer identification. Under the proposed rollout, universal and commercial banks with retail banking services, digital banks, electronic money issuers, and virtual asset service providers would have three months from the memorandum’s issuance to submit their complete NIDAS applications. The BSP clarified that the proposal would not prevent financial institutions from accepting other valid identification documents or using alternative verification methods, particularly when customers do not have a National ID or when NIDAS is unavailable. Once customer due diligence is completed through NIDAS, the resulting authentication confirmation may satisfy identification requirements for first-time customers, potentially removing the need to present a physical or printed National ID. Read more in our articles including "BSP proposes linking banks, e-wallets to National ID database" and "TCL NXTPAPER 60 Ultra, NXTPAPER 70 Pro now official, specs and price in the Philippines".

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Frequently Asked Questions

What is NIDAS?

Under a draft memorandum, nearly all BSP-supervised institutions would need to onboard with the Philippine Statistics Authority’s (PSA) National ID Authentication Services (NIDAS) for customer due diligence, including account opening and identity verification. The BSP said NIDAS would allow financial institutions to use biometric and demographic verification to support secure and reliable digital customer identification.

What have you covered about NIDAS?

Under the proposed rollout, universal and commercial banks with retail banking services, digital banks, electronic money issuers, and virtual asset service providers would have three months from the memorandum’s issuance to submit their complete NIDAS applications. The BSP clarified that the proposal would not prevent financial institutions from accepting other valid identification documents or using alternative verification methods, particularly when customers do not have a National ID or when NIDAS is unavailable. Once customer due diligence is completed through NIDAS, the resulting authentication confirmation may satisfy identification requirements for first-time customers, potentially removing the need to present a physical or printed National ID.

Where can I find articles about NIDAS?

Our coverage of NIDAS includes: "BSP proposes linking banks, e-wallets to National ID database"; "TCL NXTPAPER 60 Ultra, NXTPAPER 70 Pro now official, specs and price in the Philippines"; "Samsung unveils ISOCELL HPC 200MPsensor". Each article provides unique insights and information.