The company acquired the Bank Indonesia (BI) Payment Service Provider Category 3 Licence (PJP), as well as the Operator of Payment Systems (OPS) certificate from the Bangko Sentral ng Pilipinas (BSP). Brankas will be under the supervision of the BSP for a period of time, while being anticipated to adhere to governance and risk management standards and expectations set by the regulatory authorities.
As the certifications confirm that Brankas meets and respects all the local regulatory and security rules for its Open Finance payment services, the company will leverage the new licenses to expand its products and to further strengthen its development process.
Furthermore, they will give Brankas the possibility to offer end-to-end Open Finance infrastructure to its partners, for local and cross-border payments and transactions, as well as new banking-as-a-service solutions, including card issuing and account openings.
Global Open Finance technology provider Brankas offers its customers an extensive range of banking APIs that allow them to make instant and direct payments without the extra costs and risks of `middleman` settlement accounts. Its APIs are leveraged by companies and businesses that offer e-wallets, online shopping checkout, insurance, wealth management, and lending products to enable automated fund transfers for salary payments, loan disbursements, and more.
Other solutions provided by the company are the Brankas Direct (which enables collections and retail `cash-in` for fund transfers, recurring subscriptions, and ecommerce), and the Brankas Merchant Link (a merchant management system for large traders and banks that offer in-house payment processing).
At the beginning of March 2023, Brankas announced the launch of its new feature, which focused on enabling instant bank account opening as an embedded finance experience on third-party applications.
Brankas introduced a multi-bank API initially in the Philippines and Indonesia. It could be bundled with the company’s payment and data solutions to provide fintech experiences to customers of any traders or merchants. The Account Opening API could be used as a part of the broader banking API suite, as this integration reportedly allowed businesses from multiple industries to offer interest-bearing, regulated savings accounts as an incorporated feature to their clients.
In February of 2023, Brankas partnered with Arab Financial Services (AFS) to offer new Open Finance infrastructure to companies and banks in the Middle East and Africa.
Following this deal, Brankas encouraged more inclusive financial tools in nations like the UAS, Egypt, Saudi Arabia, and Bahrain by bringing its Open Finance offerings into their industry. The APIs that were made available through the AFS platform were used to enable tech platforms to provide fundamental financial services, such as credit scoring, account-to-account (A2A) payments, payroll disbursement, and new banking account openings.
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