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Brankas receives ‘Open Banking Data License’ in Indonesia

By Gloria Mathias

April 19, 2024

  • APAC
  • APAC Fintech news
  • Banking as a Services
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Musoni, Microfinance, Brankas, Corporate Financing, APAC, Business Finance Solutions, Nairobi, Konsentus, Open Banking, Banking as a Services, Maya, PesoPay, AsiaPay, eCommerce Payments, NetGlobal Solutions, PHilippines, Merchant Payments, Fintech News, APAC Fintech news, QR Ph core payments, PeekUp Pay, Fintech News, Driver payments, Payments license, Open Banking License, Fintech News, Fintech solutions, Brankas has announced that it has secured a license for Account Information Services (AInS) after the company secured the Payment Service Provider (PJP) Category 2 license from Bank Indonesia (BI).

Customers can use Brankas to securely share their bank account balance during payments, allowing for real-time payment verification and automated prompts for insufficient funds. Under PJP Category 2, Brankas also obtained the license for Payment Initiation and/or Acquiring Services (PIAS).

BI has approved the official use of Brankas Direct API as an integrated pay-by-bank solution with account balance visibility. Brankas Direct is one of the only pay-by-bank solutions that offers real-time settlement, meaning money is moved instantly without the risks of fraud and lost funds associated with traditional escrow methods.

Bank Indonesia’s PJP licensing system supervises payment service providers based on the activities they undertake. The PJP Category 2 license specifically grants Brankas permission to operate within the two areas of AInS and PIAS.

FinTechs, retail, and online companies will be able to use Brankas Direct API to securely access their customer’s linked bank account information. The added read-only visibility unlocks real-time verification of fund transfers for refunds and payments. This provides added customer assurance for successful refunds and payments while mitigating the risk of fraudulent transactions in the event of unauthorized activity. Businesses on a recurring payment model can also notify customers early in the event of low or insufficient account balances, reducing service disruptions or extra fees from failed payments.

“We appreciate the trust that Bank Indonesia has in Brankas as we become the first company in Indonesia to be licensed for AInS. Solving the problems of our customers’ is our top priority, and we are excited that our payment APIs are helping to accelerate reconciliation, reduce payment defaults, and enable an embedded finance experience.” said Todd Schweitzer, CEO and Co-founder of Brankas.

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