Brankas goes live with Visa

Thursday 27 October 2022 14:00 CET | News

Brankas, an Open Finance technology provider, has gone live with Visa to unveil a new Open Finance solution to increase financial inclusion across Southeast Asia.

TrustDecision (Tongdun) and IziData are two of the pilot customers already using the joint solutions.

Brankas has integrated Visa Cardholder Transaction Score (VCTS) and Visa's range of payment rails into its core solutions to deliver new out-of-the-box credit decisioning and payment products. Appointed by Visa as the first partner regionally to provide live access to its Open Data products, Brankas will enable financial institutions to utilize the transaction data available today to immediately improve their solution offerings.

Digital banks, BNPLs, alternative lenders, ecommerce platforms, and insurtechs seeking to improve their credit decisioning capabilities can now get access to verified data that reveals a cardholder's aggregated spend insights and creditworthiness. This improves risk evaluation methods and enables automated credit decisioning to facilitate faster processing of services such as loans and credit card issuance.

Other developments

Brankas and Visa have also jointly developed a new account-to-account (A2A) payment solution to enable more ways for domestic and cross-border money movement. Using Brankas' established banking network in Asia and Visa's global payment rails, banks and merchants can now provide customers a new way to make instant payments while saving on transaction fees. An ecommerce customer, for instance, would be able to make secure cross-border payments directly from his or her bank account without having to enter card credentials.

Brankas goes live with Visa to unveil a new Open Finance solution to increase financial inclusion across Southeast Asia.

Brankas’ flagship product, Open Finance Suite, enables financial institutions to open up new revenue and distribution channels in a matter of weeks. By becoming API-enabled, these financial institutions can allow authorised third-party partners to facilitate payment, account opening, lending, and data sharing services for them. Earlier in 2022, Netbank launched its first suite of digital banking solutions in the Philippines on the back of Brankas' Open Finance Suite.

Brankas in other news

Brankas is Open Finance technology provider in Southeast Asia. It provides API-based solutions, data, and payments solutions for financial service providers 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 opening, remittances, and more.

In January 2022, Brankas has announced the close of its USD 20 million Series B investment round. The round was led by Insignia Ventures Partners with participation from existing investors Beenext and Integra Partners. With this round, Brankas aims to scale its network of more than 40 financial institutions and 100+ technology companies, expand its product menu of banking-as-a-service APIs serving customers across 6 markets in Asia, and look to double the 100-person strong team.

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Keywords: partnership, Open Finance, financial inclusion, payments , digital banking
Categories: Banking & Fintech
Companies: Brankas, Visa
Countries: South East Asia
This article is part of category

Banking & Fintech




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