At the Singapore Fintech Festival 2024, Brankas today announced its open banking compliance solution now comes fully integrated with an API suite and ADVANCE.AI’s eKYC technology. Banks that are required to meet open banking regulations such as BI-SNAP in Indonesia can now leverage a single platform for all their compliance needs.
Central banks such as the State Bank of Vietnam and the Bangko Sentral ng Pilipinas are in the midst of implementing open banking regulations for the banks they supervise, while Bank Indonesia requires local and foreign banks operating in Indonesia to comply with Indonesia Payment System Blueprint 2025 (BSPI 2025), its future national payment system. Regulatory requirements cover API standards, authentication, and encryption, all of which are compliance features that banks can efficiently implement via the open banking platform by Brankas, which leverages ADVANCE.AI’s real-time digital identity verification technology.
Beyond meeting compliance requirements via ADVANCE.AI’s e-KYC technology and the Brankas Open Finance Suite, banks can use the open banking platform to launch new banking products with partners. Products including payments, loyalty programs, and joint credit cards give banks the opportunity to better meet modern banking needs and get more deposits and revenue in the process. Both banks and customers can be assured that these new partnership products come with advanced real-time identity verification, fraud detection, and risk assessments that substantially reduce scam and fraud rates.
For more information on modern banking products, readers can refer to the Banking-as-a-Service report published by Brankas in September 2024 or visit Brankas and ADVANCE.AI at Hall 5 at the Singapore Fintech Festival happening between November 6-7 2024.
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.
ADVANCE.AI is Southeast Asia’s leading provider of digital identity verification, compliance and risk management solutions. Headquartered in Singapore, it currently partners 500+ enterprise clients across banking, financial services, fintech, payment, retail and e-commerce sectors. ADVANCE.AI was named ASEAN Fintech winner at the 2023 Singapore Fintech Festival Global Fintech Awards for its risk management technology. Founded in 2016, ADVANCE.AI is part of Advance Intelligence Group, which is backed by top tier investors SoftBank Vision Fund 2, Warburg Pincus, Northstar, and Singapore-based global investor EDBI.
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)
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