PR Newswire
01 Mar 2023, 07:30 GMT+10
Brankas' Account Opening API is integrated with four banks in Indonesia and the Philippines, enabling an "embedded finance" experience in any app.
JAKARTA, Indonesia, Feb. 29, 2023 /PRNewswire/ -- Open finance leader Brankas has today announced a new feature enabling instant bank account opening as an "embedded finance" experience on third-party applications. The API is the first of its kind in the region, launched first in Indonesia and the Philippines. As a bundle with Brankas' market-leading data and payment solutions, any merchant or consumer app can provide fintech experiences to their users.
Using the new Account Opening API as part of Brankas' wider banking API suite, businesses such as Personal Finance Management apps can help their users to create and move funds into high-interest accounts. HRIS platforms and lenders can also allow users to create specific bank accounts quickly to disburse salary and loan payouts. In addition, Brankas sees this as a new revenue stream for businesses that sell through micro-merchants by onboarding customers in rural areas, which unlocks the use of e-wallets and BNPL.
Brankas expects banks and merchants to partner up to offer attractive sign-up bonuses, while consumers and corporate customers can enjoy a fast, rewarding sign-up experience. Most businesses will be able to test the API and go live in less than a week.
In Indonesia, more than 50% of the population are unbanked, defined as not having access to the services of a bank or similar financial organization. This denies them access to basic financial services including loans, credit cards, and interest savings accounts.
"As a Bank Indonesia (BI) licensed financial services provider, Brankas sees tremendous potential in reaching out to the unbanked and underserved population across the region to get access to modern financial services. Banking-as-a-Service helps to power everyday financial services relevant to communities as diverse as fisheries, farms, drivers, accounting, and HRMS. We are excited to see our new Account Opening API being used to give consumers and SME/UMKM access to loans, investments, and a wide range of payment methods." said Husni Fuad, Country Manager, Brankas Indonesia.
At present, Brankas' Account Opening APIs supports account creation for OCBC NISP, Danamon, and BNC in Indonesia. Brankas also offers retail and corporate account creation in the Philippines, powered by Netbank. With an established network across the Asia-Pacific region, Brankas is integrated with over 100 enterprise partners to enable broader financial inclusion, and just recently announced a partnership with Arab Financial Services to strengthen the open finance infrastructure in the Middle East and North Africa (MENA) region.
"We are continuously expanding our menu of embedded finance offerings to support our customers across Asia-Pacific. Our Account Opening API provides a single integration across multiple banks that enables access to the unbanked and provides essential infrastructure for the next generation of fintech solutions." said Todd Schweitzer, CEO and Co-founder of Brankas. "Increasing financial inclusion can only be made possible with the alignment of multiple stakeholders. That's why Brankas partners with the region's leading financial institutions today to make bank account opening a seamless process."
About Brankas
Brankas is a leading global open finance technology provider. We provide 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 opening, remittances, and more. With Brankas' secure open banking technology, online businesses, fintech companies and digital banks can use Brankas APIs to create new digital experiences for their users.
Get a daily dose of Vietnam Tribune news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Vietnam Tribune.
More InformationRameswaram (Tamil Nadu) [India], July 13 (ANI): Seven Indian fishermen were arrested by the Sri Lankan Navy on Sunday morning for allegedly...
Canberra [Australia], July 13 (ANI): Australia's Minister of Foreign Affairs Penny Wong has announced 34 recipients of this year's...
New Delhi [India], July 13 (ANI): Bharatiya Janata Party (BJP) leader Amit Malviya on Sunday targeted West Bengal Chief Minister Mamata...
By Vishu Adhana Beijing [China], July 13 (ANI) External Affairs Minister S Jaishankar will arrive in Beijing on Sunday evening,...
Patna (Bihar) [India], July 13 (ANI): A large number of individuals from Nepal, Bangladesh and Myanmar have been found by Booth Level...
Singapore City [Singapore], July 13 (ANI): External Affairs Minister S Jaishankar held a meeting with his Singapore counterpart Vivian...
DUBAI, U.A.E.: A cargo ship flagged under Liberia, known as the Eternity C, sank in the Red Sea following an attack executed by Yemen's...
WASHINGTON, D.C.: The Trump administration has started sending some weapons to Ukraine again, just a week after the Pentagon told officials...
ECAULT BEACH, France: On clear days, the white cliffs of the United Kingdom, are visible from northern France, where men, women, and...
ATLANTA, Georgia: The United States is facing its worst measles outbreak in more than three decades, with 1,288 confirmed cases so...
In the past month alone, 23 Israeli soldiers have been killed in Gaza—three more than the number of remaining living hostages held...
LONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...