The synergy will be able to ensure the MSME businesses in Indonesia get paid on time and efficiently manage cashflow through automation for financial and business tools.
- Brankas is now a licensed payment service provider after acquiring the Bank Indonesia (BI) Payment Service Provider (PJP) Category 3 License and the Operator of Payment Systems (OPS) certificate from the Bangko Sentral ng Pilipinas (BSP).
- As a BI-registered PSP, Brankas is authorized by BI to conduct payment transactions after demonstrating compliance with the regulatory body’s standards for companies conducting remittance services.
- As a BSP-registered OPS, Brankas is now under the supervision of the BSP and is expected to adhere to governance and risk management standards set by the regulatory body.
Jakarta, Manila, 15 March 2023 — 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.
Brankas has an extensive range of banking APIs that enable instant and direct payments without the extra cost and risks of “middleman” settlement accounts. Brankas’ payment APIs are used by companies offering e-wallets, online shopping checkout, lending services, insurance, and wealth management. Brankas Disburse is a multi-bank API enabling automated fund transfers for salary payouts, vendor payments, loan disbursements, and more. Brankas Direct enables collections and retail “cash-in” for e-commerce, fund transfers, and recurring subscriptions. Brankas Merchant Link is a turnkey merchant management system for banks and large merchants to offer in-house payment processing.
With over 100 enterprise partners worldwide, Brankas is committed to the security of its open finance solutions. Brankas is ISO 27001 and PCI DSS certified, and undergoes regular external IT audits.
“We understand how important trust is to our customers, that’s why it is important that we hold ourselves to the highest standards of security. As a leading open finance company globally, Brankas owes it to our customers to not only demonstrate compliance to internationally recognized frameworks, but also to contribute to the evolving risk management framework for payment systems worldwide.” said Todd Schweitzer, CEO and Co-founder of Brankas.
The payments licenses equip Brankas to offer end-to-end Open Finance infrastructure to its bank partners, from local and cross-border payments, to new banking-as-a-service solutions like account opening and card issuing.
“Brankas is proud to obtain the PJP license, which confirms our commitment to data security and privacy for both our customers and partners. As we expand our list of embedded finance offerings to support our customers, we want to ensure that we provide the widest bank coverage in the country.” said Husni Fuad, Country Manager of Brankas Indonesia.
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.