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Brankas Blog

We talk about Industry Insights, Open Banking, FinTech trends, and more

Latest Product Open Finance About HuBs Company
Open Finance July 16, 2024
Cross-Industry Data Utilization: Beyond Traditional Banking in Credit Scoring

The financial world is rapidly shifting because of digitalization, and traditional credit scoring methods are being challenged and reinterpreted. Historically, banks have relied heavily on conventional data sources such as credit history, loan repayments, and income levels to assess an individual’s creditworthiness.

Cross-Industry Data Utilization: Beyond Traditional Banking in Credit Scoring
Open Finance July 16, 2024
Cross-Industry Data Utilization: Beyond Traditional Banking in Credit Scoring

The financial world is rapidly shifting because of digitalization, and traditional credit scoring methods are being challenged and reinterpreted. Historically, banks have relied heavily on conventional data sources such as credit history, loan repayments, and income levels to assess an individual’s creditworthiness.

The Role of Credit Unions in the Age of Open Banking and Open Finance
Open Finance July 11, 2024
The Role of Credit Unions in the Age of Open Banking and Open Finance

Open banking has been a game-changer in banking and finance. Allowing third-party providers to access customer data enhances customer experience, promotes competition, fosters financial collaborative ecosystems, and enables emerging technologies integration. Fintechs and banks are embracing open banking and open finance. Will credit unions catch up?

Navigating the Risks: Best Practices in Fraud Management for Online Banking
Open Finance July 10, 2024
Navigating the Risks: Best Practices in Fraud Management for Online Banking

Online banking has made managing our finances simpler and more convenient. With just a few clicks, we can check our balances, transfer money, and pay bills. As online banking grows, so do the risks of fraud. Fraudsters are finding new ways to steal money and personal information. Strong fraud management practices are vital in keeping banks and customers safe.

The Future of Lending: How AI is Transforming Credit Assessments
Open Finance July 09, 2024
The Future of Lending: How AI is Transforming Credit Assessments

The finance sector was the third-highest industry to adopt AI or artificial intelligence worldwide in 2022 (Statista). Financial institutions use AI across operations, sales and marketing, and HR. “Artificial intelligence has streamlined programs and procedures, automated routine tasks, improved the customer service experience and helped businesses with their bottom line.” (USD Online)

Why Data Protection and Privacy are Crucial in Digital Lending
Open Finance July 03, 2024
Why Data Protection and Privacy are Crucial in Digital Lending

Online loan applications made through digital channels, or digital lending, are expanding quickly. It is easy to use, quick, and available to anyone. The global market value exceeded $12 million in 2022. It is forecasted to hit $71 million by 2032 (Allied Market Research). Technology breakthroughs and consumer need for convenience have substantially increased its appeal.

Credit Scoring Innovations: New Models and Data Sources
Open Finance June 28, 2024
Credit Scoring Innovations: New Models and Data Sources

Credit scoring is a statistical analysis used by lenders and financial institutions to assess a person’s or a small business’s creditworthiness. Traditional credit scoring methods rely on limited data sources, such as credit reports and payment history. These methods often exclude individuals without established credit histories, like the unbanked and underbanked.

Fraud Detection Algorithms in Banking: Machine Learning on the Front Lines
Open Finance June 27, 2024
Fraud Detection Algorithms in Banking: Machine Learning on the Front Lines

Digitalization is ushering convenience and accessibility for everyone but heralded immense financial and reputational damages worldwide from fraud. SEON CEO Tamas Kadar said 71% of financial enterprises have reported a security incident in 2022. Fraud detection and prevention have become an essential part of business operations.

Brankas and Global Finteq Launch Pioneering Lending-as-a-Service Platform in the Philippines
Company June 18, 2024
Brankas and Global Finteq Launch Pioneering Lending-as-a-Service Platform in the Philippines

Brankas and Global Finteq today announced a strategic partnership to launch one of the first Lending-as-a-Service (LaaS) platforms in the Philippines. Established banks, rural banks, and even non-traditional financial institutions are now able to lend at scale as existing loan products can now exist outside of the traditional channels such as physical bank branches or websites.

The Role of Technology in Asset Verification for Mortgage Approvals
Open Finance May 16, 2024
The Role of Technology in Asset Verification for Mortgage Approvals

Technology’s influence on modern society is undeniable, and it is now extending its reach into the most fundamental aspects of our lives—like acquiring a home. The meticulous process of verifying assets and income statements was once cumbersome and time-consuming when it came to assessing the eligibility of a prospective homeowner. Thanks to cutting-edge technology, mortgage lenders and borrowers are entering a new era of streamlined, efficient asset verification.

The Digital Transformation of Customer Onboarding in Banking
Open Finance May 10, 2024
The Digital Transformation of Customer Onboarding in Banking

The process of customer onboarding in the banking sector is pivotal. Traditional customer onboarding involved a labyrinth of paperwork, in-person meetings, and extensive documentation. However, banks have been moving toward the digital frontier in recent years. The transformation enabled banks to offer a streamlined and efficient approach that simplifies onboarding and enhances the banking experience.

The Role of AISP and PISP in Open Banking
Open Finance May 09, 2024
The Role of AISP and PISP in Open Banking

Open banking has reshaped how financial services are accessed and utilized. The practice of sharing financial information with third-party providers using Application Programming Interfaces (APIs) enables a more interconnected and collaborative financial ecosystem. Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs) are two key players in open banking.

APIs Build the Bridge to Next-Gen Financial Solutions
Open Finance May 02, 2024
APIs Build the Bridge to Next-Gen Financial Solutions

APIs, or Application Programming Interfaces, are transforming finance today. They serve as the digital connectors that enable seamless communication and interaction between different software applications. APIs act as intermediaries to facilitate the exchange of data and functionalities.

First-Party Fraud: What is It and What You Need to Know about It
Open Finance April 24, 2024
First-Party Fraud: What is It and What You Need to Know about It

PYMNTS’ Beyond eCommerce Fraud study in 2022 found first-party fraud costs US merchants over $89 billion yearly. The expensive loss comes from individuals who exploit chargebacks, promotions, returns, or the policies of merchant and financial service providers to obtain complimentary merchandise or payouts illicitly. Imagine an individual applying for a loan without any intention of repaying it.

A Closer Look at API Integration for Open Banking
Open Finance April 23, 2024
A Closer Look at API Integration for Open Banking

Open banking is ushering in a new era where financial services are not confined within silos but seamlessly interconnected. API integration makes this possible. The integration of APIs in open banking facilitates the smooth exchange of information between different banking systems. A customer viewing transactions from various accounts in a single application or swiftly transferring funds between different banks are tangible outcomes of strategic API integration in open banking.

Empowering Finance: The Rise of Financial Data Aggregators
Open Finance April 04, 2024
Empowering Finance: The Rise of Financial Data Aggregators

A new player has emerged in modern finance that is shaping the way we manage and understand our financial lives – Financial Data Aggregators. What are financial data aggregators, and why do they matter in an increasingly digital financial landscape?

Banking Strategy Reshaped: Maximizing Growth Opportunities in 2024
Open Finance April 03, 2024
Banking Strategy Reshaped: Maximizing Growth Opportunities in 2024

The world of banking stands on the cusp of transformational change. The financial landscape, once characterized by tradition and stability, has now become a dynamic arena where digitalization, shifting customer expectations, and disruptive forces propel the industry forward. In an era of unprecedented innovation, banking institutions are rewriting their strategies to maximize growth opportunities in 2024.

Screen Scraping Unveiled: The What and How
Open Finance March 27, 2024
Screen Scraping Unveiled: The What and How

Imagine you are an avid online shopper. You frequently check multiple e-commerce websites to compare prices for the same product. It can be time-consuming to visit each site, find the product, and note the price. Here’s where screen scraping comes into play.

Boosting Customer Experience and Sales with Omnichannel Payment Strategies
Open Finance March 15, 2024
Boosting Customer Experience and Sales with Omnichannel Payment Strategies

Omnichannel payment strategies are vital in today’s retail sector, where consumers seamlessly transition between physical stores and digital platforms. These strategies redefine the customer experience and play a significant role in driving sales. Integrating diverse channels, from in-store to online and mobile platforms, offers customers a cohesive and convenient journey.

Exploring the Importance of Payment Rails in Today’s Digital Economy
Open Finance March 06, 2024
Exploring the Importance of Payment Rails in Today’s Digital Economy

The role of payment rails cannot be overstated in our increasingly interconnected world. As businesses expand globally, consumers demand instant gratification and financial innovation surges. Payment rails serve as the linchpin that holds the digital economy together. They enable e-commerce giants to process millions of transactions daily, empower individuals to send remittances across borders with ease, and underpin the rise of cutting-edge financial technologies.

Defining Embedded Payments: A Game-Changer in Modern Commerce
Open Finance February 28, 2024
Defining Embedded Payments: A Game-Changer in Modern Commerce

Subtle yet significant changes are reshaping how we engage in transactions. Gone are the days of laborious payment processes; today, we take seamless, effortless transactions for granted. But have you ever wondered about what makes this possible? It is called embedded payments. It is a part of the daily lives of almost everyone, and it is worth exploring how this unassuming technology has quietly transformed business.

A2A Payments Explained: Shaping the Future of Business Transactions
Open Finance February 23, 2024
A2A Payments Explained: Shaping the Future of Business Transactions

Business payments have experienced a significant transformation in recent years. A 2022 study conducted by the Association for Financial Professionals (AFP) in partnership with J.P. Morgan unveiled a compelling shift within organizations in the United States.

Breaking Down the Basics of Push Payment and Pull Payment
Open Finance February 22, 2024
Breaking Down the Basics of Push Payment and Pull Payment

The terms “push payment” and “pull payment” in financial transactions are fundamental dynamics that dictate how money moves between entities. Understanding these payment mechanisms is a concern for financial professionals, individuals, and businesses navigating the modern financial landscape.

A Comprehensive Guide to API Management in Banking
Open Finance February 16, 2024
A Comprehensive Guide to API Management in Banking

Staying ahead in banking means embracing innovations that enhance efficiency, security, and customer experiences. One technology that has become a cornerstone of modern banking is the strategic implementation of APIs (Application Programming Interfaces) and their meticulous management.

Brankas publishes first-ever ASEAN Bank Stability Report
Company January 26, 2024
Brankas publishes first-ever ASEAN Bank Stability Report

The report offers valuable insights into the uptime performance of top banks in the Philippines and Indonesia, including RCBC, Bank Mandiri, and UnionBank, informing businesses, partners, and end users on the infrastructure reliability of the banks they trust.

A How To Become Open Banking Compliant: A 10-Step Guide
Open Finance January 12, 2024
A How To Become Open Banking Compliant: A 10-Step Guide

Non-compliance with open banking regulations transcends geographical boundaries and carries legal implications that resonate globally. This article is designed to equip you with the essential steps to ensure compliance and success in open banking compliance.

How to Check Your Credit Score in Philippines
Open Finance October 06, 2023
How to Check Your Credit Score in Philippines

Your credit score is crucial for financial opportunities in the Philippines. Understanding and monitoring it is key to success. It affects loans, credit cards, and interest rates. This guide empowers you to make informed decisions.

How to start a GCash Business and be a GCash Merchant
Open Finance October 02, 2023
How to start a GCash Business and be a GCash Merchant

GCash revolutionized the financial industry in 2012 with its groundbreaking mobile app, simplifying complex transactions into effortless taps on a smartphone screen. With 5 million merchant partners spanning various industries, you can learn more in this article about how to become a GCash merchant and integrate GCash as a payment method for your business.

Brankas enables PesoPay to go live with Maya
Product September 27, 2023
Brankas enables PesoPay to go live with Maya

Brankas and PesoPay today announced that the payment gateway by AsiaPay is now live with Maya, enhancing the number of payment options available for existing and new PesoPay merchants.

Investing in Open Banking Solutions for Growth in Indonesia and Beyond (Part 2)
Open Finance September 18, 2023
Investing in Open Banking Solutions for Growth in Indonesia and Beyond (Part 2)

Open banking constitutes a transformative shift where customers can seamlessly explore novel financial offerings from authorized third-party providers. This innovation is facilitated by financial institutions crafting Application Programming Interfaces (APIs) that align with the central bank standards of a country.

Defining QRPh: Its Benefits and How It’s Shaping the Future of Cashless Payments
Open Finance September 15, 2023
Defining QRPh: Its Benefits and How It’s Shaping the Future of Cashless Payments

QR codes (Quick Response codes) are no longer strange to Filipinos. Social distancing and contactless payments during the pandemic paved the way for consumers to pay for goods and services using their mobile devices. Consumers scan the code with their cell phones, and payments are sent in real-time. If you have been shopping recently, you may have noticed some QR codes that have a blue, red, and yellow logo in the middle of the usual black dots and white spaces. This is QRPh.

The Future of e-Commerce & Digital Payments in Asia
Open Finance July 17, 2023
The Future of e-Commerce & Digital Payments in Asia

E-commerce transactions have shown remarkable growth in recent years worldwide. Apart from brick-and-mortar stores, shopping has advanced into an industry that uses multi-channel strategies, such as online stores, mobile apps, and e-commerce platforms. Asia is leading the way in B2C (business-to-consumer) sales. Statista reports almost 60% of worldwide e-commerce transactions came from Asia. By 2024,it will comprise 61% of global revenue.

How Fintech Solutions help SMEs and Corporate Businesses
Product May 31, 2023
How Fintech Solutions help SMEs and Corporate Businesses

The emergence of financial services technology, more commonly known as “fintech,” has made it more convenient to pay for services and products. With just a button tap, a QR code scan, and other similar tools, fintech allows people to complete financial transactions quickly and securely.

How to Enable Digital Account Opening for Your Business
Product March 29, 2023
How to Enable Digital Account Opening for Your Business

It can be challenging for banks and financial establishments to attract new customers, especially using the traditional account opening process. Many people simply do not have the time or patience to drive to the nearest bank, wait in line to talk to a representative, and fill out a bunch of forms to open a bank account.

Why Digital Banking Services Are Becoming More Important
Product March 24, 2023
Why Digital Banking Services Are Becoming More Important

Convenience is crucial in today’s fast-paced world. Here, technology has made financial transactions more seamless than they were a few decades ago and nowhere is it more evident than in digital banking. Formerly time-consuming, you can now manage bank accounts in the palm of your hand with little to no delay.

Brankas Secures Payments Licenses in Indonesia and the Philippines
Company March 20, 2023
Brankas Secures Payments Licenses in Indonesia and the Philippines

Open finance leader Brankas has announced that it has acquired both the Payment Service Provider (PJP) Category 3 License from Bank Indonesia (BI) and the Operator of Payment Systems (OPS) Registration from the Bangko Sentral ng Pilipinas (BSP). The certifications confirm that Brankas meets all local regulatory and security standards for its Open Finance payment solutions.

Open Banking API: Its Role in Financial Inclusion & Literacy
Product March 15, 2023
Open Banking API: Its Role in Financial Inclusion & Literacy

In some parts of the world, financial institutions and their customers are transitioning from open banking to open finance. Businesses use this innovation to improve their company’s offerings, while consumers leverage the technology to make sound financial decisions.

Unblocking the Road to Financial Inclusion in Southeast Asia
Product March 14, 2023
Unblocking the Road to Financial Inclusion in Southeast Asia

Many organizations and individuals face inadequate financial services. This inadequacy can have severe implications as it can hinder financial literacy for individuals and business growth for companies. On the other hand, financial inclusion can result in a more productive economy. But what is financial inclusion?

Open Banking vs Open Finance: Is there a difference?
Product February 21, 2023
Open Banking vs Open Finance: Is there a difference?

With so many financial developments today, it’s not easy to keep up with such innovations. Then again, staying on top of digital transformation can help secure your spot in your industry. In addition, the right approach can improve your business’s financial stability. Here, open banking and open finance are driving the financial technology industry.

How Open Finance Shapes the Economy
Product February 08, 2023
How Open Finance Shapes the Economy

Nowadays, many people use an app for online financial transactions, like paying bills or sending money to friends and loved ones. But what if you can use the same app not just for simple transactions but also for more complex ones, like investing in the stock market, adjusting your insurance, or even managing your pension?

What is Open Finance and How Does It Work?
Product February 07, 2023
What is Open Finance and How Does It Work?

Like most sectors, the finance industry is seeing increased demand for digitalization to improve the customer experience. A 2021 study found that banking customers now prefer personalized and digitally-driven services. They value text alerts, opportunities to transact more efficiently, and the ability to track multiple accounts using a single dashboard.

Open Finance Suite vs API Gateway: What's the Difference?
Product January 19, 2023
Open Finance Suite vs API Gateway: What's the Difference?

According to McKinsey & Company, Asia-Pacific (APAC), customers will likely demand more financial services, given the growing population joining the consuming class. Breakthroughs in digitalized financial services, including open banking and open finance, are making them increasingly popular worldwide, such that emerging countries in Southeast Asia are finding benefits from them.

Brankas and Visa Launch New Open Finance Products with Global Partners
Company October 27, 2022
Brankas and Visa Launch New Open Finance Products with Global Partners

Oct 27, 2022 — Brankas, a leading Open Finance technology provider, has today announced that it has gone live with Visa to unveil a new Open Finance solution to increase financial inclusion across Southeast Asia, citing TrustDecision (Tongdun) and IziData as two of the pilot customers already using the joint solutions.

Whitepaper: Unlocking the Potential of Open Finance with RPA-based APIs
Open Finance September 29, 2022
Whitepaper: Unlocking the Potential of Open Finance with RPA-based APIs

In 2021, the BSP issued the Open Finance Framework providing the guidelines for enabling Open Finance in the Philippines and setting the standard across Southeast Asia. The regulatory framework is aligned with the Bangko Sentral ng Pilipinas’s (BSP’s) Digital Payments Transformation Roadmap 2020-2023, which aims to strengthen customer preference for digital payments and promote more innovative and responsive digital financial services.

How Brankas Internet Payment Gateway (IPG) can solve your payment needs
Company April 06, 2022
How Brankas Internet Payment Gateway (IPG) can solve your payment needs

The payments industry has found a dynamic and fast-paced market in Asia in recent years. According to consultancy firm McKinsey, payments revenue growth in the region is forecast to increase 7 percent between 2021 and 2025, driven by rapid developments in digital infrastructure, the surge in B2B activity, and the increasing appetite for digital wallets and real-time payments. Now is the best time to explore how an IPG can support Asia’s increasingly complex demands for payments.

Innovate, Digitialize, and Scale Earnings with Brankas Open Banking Suite
Product March 29, 2022
Innovate, Digitialize, and Scale Earnings with Brankas Open Banking Suite

Southeast Asia has emerged as a hub for startups, thriving with opportunities for innovation. Embracing open finance is a crucial way for banks and financial institutions to stay ahead of the curve and serve currently unmet customer needs, opening up avenues to serve the underbanked.

Learn How Brankas Is Helping Lenders Acquire More Customers
Product March 29, 2022
Learn How Brankas Is Helping Lenders Acquire More Customers

Traditionally, consumer lending has been a long and tedious process. To apply for a credit card, you would have to provide your proof of income, bank statement history, and other documents to verify that you are able to repay your credit, often requiring trips to your bank branch. The underwriting process may also take weeks or months before the approval of a loan. They merit a high amount of effort on the part of both the borrower and the lender.

How to Launch a Product during a Pandemic
Product July 21, 2021
How to Launch a Product during a Pandemic

COVID-19 changed the way that almost everyone operates a business. Here’s our take on how to launch a product during a pandemic. Read our insights today.

Humans of Brankas Spotlight: Chad Kunde
Hubs June 09, 2021
Humans of Brankas Spotlight: Chad Kunde

From being a Marine to a high-caliber Systems Engineer, Chad Kunde has come a long way from his humble beginnings on his family’s farm in Iowa. Growing up with 3 sisters, you can only imagine the chaos!

Humans of Brankas Spotlight: Anik Islam
Hubs April 30, 2021
Humans of Brankas Spotlight: Anik Islam

Originally from Bangladesh, Anik came to Singapore for his undergrad studies at the National University of Singapore. A Biomedical Engineering graduate, passionate about academic research, and has vast experience in areas like 3D printing, cancer cell study; even co-authored papers in peer-reviewed scientific journals! With a career path set in scientific research, how did this young achiever end up at Brankas, his takeaways from working for a fintech startup, and some life lessons for his peers.

Humans of Brankas Spotlight: Hanny Meiriza
Hubs April 05, 2021
Humans of Brankas Spotlight: Hanny Meiriza

The Brankas community is ecstatic to have Hanny lead our Human Resources team! We had a chance to catch her bubbly and confident personality for this feature. In this month’s HuBs spotlight, we give her a warm Brankas virtual hug and get to know her, her quirks, her insights, and her plans for Brankas a little bit more.

Proxtera’s Global Open API Portal Goes Live!
Product, Open Finance March 18, 2021
Proxtera’s Global Open API Portal Goes Live!

Proxtera is a new global trading network for the connected age: empowering wholesale marketplaces to discover new buyers and sellers around the world, transact securely, and access a range of financial and logistics services to support a successful trade. With support from the Monetary Authority of Singapore (MAS) and Infocomm Media Development Authority (IMDA)’s Business Sans Borders (BSB) initiative, Proxtera is creating a new online economy for global trade.

Open Banking Readiness Report as of 2020
Open Finance February 17, 2021
Open Banking Readiness Report as of 2020

Brankas has helped banks across Southeast Asia launch new digital solutions for their customers, with a focus on Open Banking technologies. Read the report today.

Managing Performance in a Remote Workplace
Company November 05, 2020
Managing Performance in a Remote Workplace

For millions of employees globally, working from home is the new normal. Our biannual Performance Review is one of our tried-and-tested techniques for ensuring that our colleagues are aligned with our vision to make modern financial services available to everyone.

Humans of Brankas Spotlight: Marco Palinar
Hubs September 14, 2020
Humans of Brankas Spotlight: Marco Palinar

Marco Palinar is proof of how sometimes, life sends you on a path, different from what you set out for yourself. The Brankas spotlight turns on for our resident UI/UX guy, all-around-design-master, Pay Product Manager, rockstar, and sneakerhead- Marco. He gets candid about his beginnings, his career evolution, and his Brankas baby - Pay.

Open Banking in Indonesia: Unlocking New Fintech Opportunities
Open Finance September 14, 2020
Open Banking in Indonesia: Unlocking New Fintech Opportunities

In recent years, there has been a push for tighter Open Banking regulations in Indonesia, and the government has unveiled the Indonesia Payment System Vision 2025 that opens up countless opportunities to weave Open Banking practices into the business model of many companies.There is a need to provide services that are accessible, low cost, and reliable, allowing any business to easily integrate technologically-reliant services into their platforms.

Humans of Brankas Spotlight: Michelle Christine
Hubs July 07, 2020
Humans of Brankas Spotlight: Michelle Christine

Michelle Christine: Next Generation People Operations Associate - She talks about her beginnings, her love for people and culture, and where she’s taking the future of Brankas recruitment.

Brankas Statement: On-Demand Financial Transaction Data
Product July 02, 2020
Brankas Statement: On-Demand Financial Transaction Data

Brankas Statement provides a verified, accurate, secure, and instant statement retrieval. Lenders can instantly access customers' financial transaction data, identity data, and real-time account balances. Brankas Statement integrates seamlessly with a lender’s mobile application or website, eliminating the need for paperwork, branch visits, or manual data entry.

Humans of Brankas Spotlight: Mike Dickinson
Hubs May 06, 2020
Humans of Brankas Spotlight: Mike Dickinson

Mike joined Brankas this year and is leading the team full steam ahead. He grew up in Indonesia and Australia and believes his diverse background contributes greatly to how he breaks down and solves problems. Mike has always been passionate about finding solutions that help people. That’s his philosophy and CPO mission.

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