Brankas Is First Company in Indonesia To Be Awarded Open Banking Data License
Brankas is the first company to secure the PJP Category 2 License for Account Information (AInS) from Bank Indonesia, marking an open banking data milestone for Indonesia and giving businesses added visibility on payment transactions.
JAKARTA, Indonesia, April 18, 2024 /PRNewswire/ -- Brankas today announced that it is the first company in Indonesia to be licensed for Account Information Services (AInS) after the company secured the Payment Service Provider (PJP) Category 2 license by Bank Indonesia (BI). Customers can now use Brankas to securely share their bank account balance during payments, allowing for real-time payment verification and automated prompts for insufficient funds. Under the 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. Today, 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. It also enables customers to conveniently make digital payments without the need to own or carry a physical credit or debit card.
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:
Account Information Services (AInS)
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.
Payment Initiation and/or Acquiring Services (PIAS)
Brankas is now permitted to initiate payments on behalf of a customer or act as an acquiring service for businesses to receive payments. These payments can include insurance premiums, loan repayments, e-commerce transactions, e-wallet top-ups, recurring online subscriptions, and payment gateway virtual accounts.
"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.
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.
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SOURCE Brankas
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