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.
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.
Brankas Open Banking Suite
The Brankas Open Banking Suite is a custom, ready-to-use system compatible with any core banking system. Through it, banks and financial institutions can share some of their systems and products to third parties, who can test them on the Open Banking Suite platform. This opens up avenues for new ways existing products can be used, allowing banks to roll out new product offerings and collaborate with other players.
Brankas’ Open Banking Suite is a means of promoting collaboration within the financial industry, providing a streamlined way of testing products through its sandbox feature. The increased innovation it brings about is especially beneficial in Southeast Asia, which is seeing rapid technological advancements.
Benefits of an Open Banking Suite
- Direct fee revenue
Build commercial APIs for disbursements, customer payments, and data feeds.
- Platform revenue
Establish a marketplace and curated “app store” for your API products.
- Customer engagement
Enable customers to link their account to FinTech apps.
- Product innovation
Enable third parties to initiate, test, and deploy new products via APIs.
- Turnkey API orchestration
API orchestration configurable with any core banking system.
- Developer & Documentation Portal
A ready-to-use documentation and developer portal, complete with scalable connection between developers.
- Ready to use & custom APIs
Banking APIs can be bundled together to serve specific use cases.
- Third party API onboarding
Easily enable third party partners and integrate third party APIs.
- API management solution
Manage, monitor, analyze, and improve API products with cutting-edge open API management tools.
- Sign-up Screen
Empower third parties to sign up easily to be a Developer Partner.
- Developer Dashboard
Allow your developers to get an overview of all their test/production transactions and volumes.
- OAuth 2.0
All of our implementations follow industry-standard authentication, ensuring security.
- Credential Management
As your developers move from the sandbox to production, easily manage their API credentials.
- Bank Account Management
Enable your developers to easily open Test and Production accounts for integration requirements.
- List of Channel Transactions
Allow your developers to dive into any transaction and view specific details.
You can create modular plans and subscriptions based on the developer’s requirements.
Partnerships and Use Cases
In 2022, Netbank, a Banking-as-a-Service (BaaS) platform, rolled out Netbank Virtual where anyone can test their financial products. Brankas built their Open Banking Suite, exposing some of their services to other players. Perahub, a remittance company from the Philippines, was also able to create an Open Banking Suite in partnership with Brankas. In the fourth quarter of 2021, they launched an API Developer portal to create innovative solutions with third parties.
Banks and financial institutions looking to implement an Open Banking Suite can work together with Brankas to build the platform from scratch. Clients can customize the Open Banking Suite in whatever way they choose. The entire system is secured by OAuth 2.0, industry-standard security that ensures the safety of all users. Once the product is launched, banks can promote it to their existing partners and forge new partnerships through promoting it on their website, reaching out to FinTechs to sign up for the platform, and more.
An Open Banking Suite provides a myriad of benefits for banks and financial institutions. It can provide added revenue streams through the new products launched, or through the use of APIs by third parties. It helps banks create new and innovative products, leading to a wider customer base. Overall, an Open Banking Suite opens up a bank’s offerings to new and exciting opportunities to better serve its customers.
Now more than ever, the switch to digital is crucial to any company’s success. With Brankas’ Open Banking Suite, banks and financial institutions can open up their services, paving the way towards an inclusive financial ecosystem and more product offerings.
Interested in partnering with us or trying out our products? Sign up to learn more.