The official use of Brankas Direct API as an integrated pay-by-bank solution with account balance visibility has been authorised by BI. Brankas Direct stands out as one of the few pay-by-bank solutions providing real-time settlement, ensuring instant fund transfer without the vulnerabilities of traditional escrow systems. Additionally, it offers customers the convenience of making digital payments without possessing or carrying a physical credit or debit card.
Bank Indonesia's PJP licensing system supervises payment service providers based on the activities they undertake. The PJP Category 2 license specifically grants Brankas permission to operate within the two areas of AInS and PIAS:
Account Information Services (AInS)
Fintechs, retail, and online companies will be able to use Brankas Direct API to securely access their customer's linked bank account information. The added read-only visibility unlocks real-time verification of fund transfers for refunds and payments. This provides added customer assurance for successful refunds and payments while mitigating the risk of fraudulent transactions in the event of unauthorised activity. Businesses on a recurring payment model can also notify customers early in the event of low or insufficient account balances, reducing service disruptions or extra fees from failed payments.
Payment Initiation and/or Acquiring Services (PIAS)
Brankas is now permitted to initiate payments on behalf of a customer or act as an acquiring service for businesses to receive payments. These payments can include insurance premiums, loan repayments, ecommerce transactions, e-wallet top-ups, recurring online subscriptions, and payment gateway virtual accounts.
Brankas is a global open finance technology provider. It provides API-based solutions, data, and payments solutions for financial service providers (like banks, lenders, and e-wallets) and online businesses.
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