Rizal Commercial Banking Corporation ( RCBC ), the Philippines’ sixth-largest lender in terms of total assets, has partnered with global instant payments provider Meridian to allow Filipinos to open US bank accounts even without a US address, social security number, or residency. 

Coinciding with the bank’s 65th anniversary, the service is a first in the country’s banking sector, says  Lito Villanueva, RCBC executive vice president and chief innovation and inclusion officer.

“Together with our partner Meridian, a global leader in instant payments, we are giving Filipinos the power to own their very own US bank account. And here’s the best part: no US address, no social security number, and no residency required,” Villanueva says, adding that customers can directly open US bank accounts via the bank’s Pulz app.

In a separate statement, Meridian says the first-of-its-kind integration connects RCBC directly to US payment rails such as ACH, Fedwire, and RTP, while bypassing SWIFT and correspondent banking. 

“The result is faster, cheaper, and more transparent cross-border payments, with the ease of a local transfer for millions of RCBC clients receiving money from the US,” Meridian says. 

The feature, which will go live in October, will also allow customers to access their US virtual bank accounts alongside their Philippine peso accounts on the Pulz app. 

The service initially targets freelancers with overseas clients, as well as overseas Filipino workers and their families. 

According to RCBC, there are over 4.2 million Filipinos and Filipino-Americans living and working in the United States, the majority of whom still send some form of remittance back to the Philippines. 

Once the service is live, the service will allow families in the Philippines to receive US transfers instantly without using SWIFT, visiting remittance centres, or paying high fees, Villanueva says.