This pandemic has taught us to be resilient and adaptable in how we live our days. As we look forward to an endemic, our resident Product Manager, Marco Palinar shares how his team tackles the challenges faced to launch a product during the pandemic by leveraging on design.
What is Brankas Direct?
Brankas Direct is a fund transfer service that allows businesses to accept fund transfers from customers instantly and digitally through their web and mobile applications. It provides businesses with a single point of integration through which they can execute fund transfers via various banks with whom Brankas is integrated.
The transaction is processed directly from the source bank account to the beneficiary bank account. No middlemen involved. No extra transaction fees are charged*. Brankas Direct strives to provide a means to transfer funds with the least hassle, human error, and barriers. Empowering anyone and everyone in society.
Brankas Direct vs. Other Online Payment Methods
If you are considering introducing Brankas Direct as a payment option to your customers, let’s shine a light on the limitations of the methods you could currently be using.
Card transactions have obvious pros and cons: it’s convenient for customers to pay during checkout. They just need to enter their card details once, and the transaction would be processed in real-time. But you as a merchant would be charged a Merchant Discount Rate (MDR) ranging around 2-3.5%. Depending on the agreement with card acquirers that you have.
Virtual accounts could work well as you get to receive payments with a lower fee. But think about the settlement time: since the funds hit intermediary first, you will only get the money settled to your account at least T+1. Not to mention the fact that this fund is settled to you as one aggregated total settlement. Making it a hassle to do reconciliation for the purchases made by your customers. From the customers' end, the virtual account is prone to error while they are inputting the virtual account number. Increasing the chance of transaction errors, delayed and abandoned payment.
You may think eWallets fill this gap. Perhaps you are currently relying on them to receive a faster settlement of payment. But you may also think that registering as a merchant to each wallet account is a tedious process and requires some admin time. A time better spent to manage your business. On top of that, eWallets also charge your business an MDR transaction fee for processing the payment.
With Brankas Direct, as the funds are processed directly from customers to your business bank account instantly, this would have an impact on a healthier cash flow for your business.
Your customers completes their transactions without leaving your application, Brankas Direct provides a more seamless checkout experience. End to end journey that includes authentication of account to entering TFA/OTP happens in one cohesive payment flow.
Customers will also be receiving immediate notifications from their banks. The status of each transactions are updated and shared to merchants too. Brankas Direct eliminates the hassle of chasing customers for payments.
Introducing Brankas Direct to Your Customers
Introducing Brankas Direct to collect payment from your customers is much more straightforward than you might think. And it’s all thanks to the secured and easy flow, thinking of customers first when we are building it.
In the spirit of transparency, Brankas Direct offers a consent page before the payment is transacted. This is a one-time consent for our system to facilitate the payment on behalf of customers. Brankas Direct does not store the customer’s banking credentials and OTP/TFA codes. Brankas Direct passes the details to the selected bank to process the payment.
In addition, the efficiency and security of Brankas Direct are monitored and protected by your bank and the payment rails behind it.
How Brankas Direct Works
Onboard Your Business and Integrate Your Systems
Integrating with Brankas Direct is as easy as 1, 2, 3.
- Sign up for Brankas Dashboard and generate your Sandbox API key
- Refer to Brankas API Doc to integrate with our simple checkout endpoint
- Request to go live with your account and receive your Live API key
If your business is using a wordpress website or other ecommerce website enabler, it’s even easier to use Brankas Direct. All you need to do is just connect with one of our plugins. No programming required.
Receive payments via partnered banks. Refer to our bank coverage here .
View transaction history and generate reports for reconciliation purposes on the Brankas Dashboard. You can add a
memo in the body of the checkout request to Brankas Direct. It would appear in your bank statement as an additional note.
Remember Me Feature
Remember Me feature allows customers to be automatically logged on for subsequent transactions facilitated by Brankas, delivering a more seamless experience.
Who Should Use Brankas Direct?
- eCommerce Instant, in-app fund transfer payments for online purchases.
- SMEs & Fintechs Enable direct transactions between end-users, merchants, and partners on your platform.
- eWallets & Digital Banks Account top-up and easily move money into digital bank accounts.
- Lending Providers A faster way for users to fund loan repayments and monthly interest via direct bank transfer.
- Insurance Let your users conveniently pay monthly premiums from within your application.
- Property & Real Estate Platforms Simplify collection of funds for property mortgage and rentals.
- Payment Gateways & Aggregators Move funds directly to your payment aggregation accounts.
- Job, Freelancer, & Gig Marketplaces Allows employers to send funds directly to workers
Are you interested in a career in fintech? Join the Brankas team!
Brankas is bringing Open Banking to Southeast Asia. Our vision is to make modern financial services available to everyone.