Open banking and open finance are buzzwords in fintech but what is it? We invite you to experience open finance on Brankas Dashboard. We listed 5 easy steps to get you started and testing on Brankas APIs.
PERA HUB by PETNET, a top financial service provider in the Philippines, partnered with Brankas in 2021 to launch a Digital Remittance Platform that allows the financial institution to share its API to banks, remittance companies, wallets, and fintech partners, enabling faster, cheaper, safer, and more accessible financial services.
PETNET’s mission is to serve the community in the Philippines with an array of transactional financial products and services such as Western Union money remittance, loans, insurance, payment facilities, foreign exchange, and more from over 3,000 locations nationwide. They also have a line of reputable partners including GCash, Maya, Remitly, Ayannah, Diskartech, and Rural Net to provide its users with a one-stop platform for all their essential financial services.
To provide better financial services to its community, PERA HUB seeks to deliver complementary products, cash, and payment-related solutions such as foreign exchange, bill payment, airline ticketing, cellphone loads, ATM withdrawals, micro-loans, and micro-insurance. Through its partnership with Brankas, the leading global Open Finance technology company, PERA HUB has its open API hub to commodify these products through its partner network, enabling its partners to easily integrate into its core remittance system.
The development of PERA HUB’s Digital Remittance Platform open API hub featured these key considerations:
- Provide real-time management of partners and partner endpoints, giving PERA HUB the ability to select the unique services and data available to each partner
- Allow Digital Sub-Agents (DSA) to instantly consume the APIs
- Facilitate fast reviews of every DSA application
In fact, by offering these remittance services on their applications, DSAs can potentially open new revenue channels to earn commissions on every customer transaction.
“PERA HUB aims to be a household name in the Philippines for essential financial services. With Brankas, we are well-positioned to be a leader in driving financial inclusion across the country. Aside from being able to implement the Open Finance Suite more quickly than expected, our partners and we are very impressed with how it has been to use and continuously manage the APIs.” said Bryan Makasiar, Digital Business Head at PETNET.
The full-scale Brankas Open Finance Suite allows banks and institutions to unbundle their banking stack into composable components. These can be sold and offered to third-party service providers to create new financial solutions as they innovate and present new ways to embed relevant financial services to improve customer experience.