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Brankas, Element roll out fraud detection for Open Finance

Thursday 26 January 2023 15:04 CET | News

Global Open Finance technology provider Brankas has partnered with AI digital identity services provider Element to add fraud detection solutions for Open Finance offerings.

 

Global Open Finance technology provider Brankas has partnered with AI digital identity services provider Element to add fraud detection solutions for Open Finance offerings.

 

According to the official press release, in Southeast Asia, one in every three people experienced online fraud amidst the digital transformation in 2022. Meanwhile, online fraud emerged as a top critical enterprise risk for Southeast Asia-based businesses. This was on top of the USD 260 million that they already lost in 2019 to digital fraud. 

Brankas is an Open Finance API platform that seeks to encourage the growth of the MSMEs in the Asia-Pacific region and provide financial access to the underserved while protecting consumer data, confidentiality, and financing via its products and services, the company states. On the other hand, Element can play a critical role in the identity verification layer for Brankas' Open Finance Products such as Brankas Direct or Statement. 

The first service, Direct, is currently available in Indonesia, Thailand, and the Philippines. Businesses can replace manual bank transfers as a checkout option, enable direct e-wallet top-ups, and expedite loan repayments to multiple banks via a single flow. This allows merchants to speed up day-to-day transactions, freeing up that time spent manually reconciling data for further innovation and customer-centric activities. For example, when a user is making a payment using Brankas Direct, they can authenticate themselves using Element's liveness detection product. This provides an additional layer of security on top of OTP, making transactions more secure, the press release continues.

Besides this, Brankas is also exploring ways to capitalise on Element's extensive eKYC (Electronic Know Your Customer) capabilities to complement its composable cloud-native core banking system, the Brankas Open Core. This enables a reportedly better onboarding process for customers opening new bank accounts or Loan Management Solutions using the Brankas core banking solution.

According to the CEO and co-founder of Brankas, Element has the most comprehensive eKYC offering in the region, localised for specific markets. Their liveness check products and connectivity central databases for identity checks can make Brankas' Open Banking products more prepared against fraud. Furthermore, the CEO and co-founder of Element stated that Brankas has been a leader in Open Finance and continues to advocate for adoption across the region. Element is looking forward to supporting Open Finance products to make onboarding and authentication easier and safer for the company’s end users, and this product paves the way for more use cases in the future, the press release concludes.

More about Brankas and Element

Brankas provides API-based solutions, data and payments solutions for financial service providers (like banks, lenders, and e-wallets) and online businesses. Brankas partners with banks to build and manage their Open Finance infrastructure, producing APIs for real-time payments, identity and data, new account openings, remittances, and more. With Brankas' Open Banking technology, online businesses, fintech companies, and digital banks can use Brankas APIs to create new digital experiences for their users.

On the other hand, Element provides digital identity services. Element uses artificial intelligence technology focused on digital identity, deploying deep learning on mobile devices. The company provides a reportedly universal solution, a mobile digital identity for anyone, anywhere.

Brankas took part in the 2022 version of the Open Banking and Open Finance Report. Anik Islam, Business Development Lead at Brankas, shared the company’s perspective on the Open Finance landscape in Southeast Asia, including trends and relevant use cases. For more information, we encourage you to download the report.


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Keywords: partnership, Open Finance, digital identity, fraud detection
Categories: Banking & Fintech
Companies: Brankas, Element
Countries: Indonesia, South East Asia
This article is part of category

Banking & Fintech

Brankas

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Element

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