Brankas launches APAC’s first multi-bank API for instant account opening
By Leandra Monteiro
Open finance company, Brankas announced a new feature enabling instant bank account opening as an embedded finance experience on third-party applications.
The API is launched first in Indonesia and the Philippines. As a bundle with Brankas’ data and payment solutions, any merchant or consumer app can provide FinTech experiences to its users.
Using the new Account Opening API as part of Brankas’ wider banking API suite, companies offering financial management, e-wallets, brokerages and more can now offer their users interest-bearing, regulated savings accounts as an embedded feature. HR platforms, e-commerce marketplaces and lenders can also provide users with savings accounts for collections and disbursements. The new solution also helps small businesses to unlock new revenue by onboarding newly banked customers in hard-to-reach areas.
Brankas expects banks and merchants to partner up to offer attractive sign-up bonuses, while consumers and corporate customers can enjoy a fast and rewarding sign-up experience. According to Brankas, most businesses will be able to onboard 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 “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.
Brankas’ Account Opening API currently 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.
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