Open finance leader Brankas announced that it had recently acquired both the Operator of Payment Systems (OPS) Registration from the Bangko Sentral ng Pilipinas (BSP) and the Payment Service Provider (PJP) Category 3 License from Bank Indonesia (BI).
These certifications mean Brankas has already met all the local regulatory and security standards for its Open Finance payment solutions in these two countries. The licenses now also equip Brankas with the necessary permit 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 issuance.
In a press release, the company said that as a BSP-registered OPS, it is now under the supervision of the BSP and is expected to adhere to governance and risk management standards set by the regulatory body.
On the other hand, the PSP registration with BI means Brankas is now authorized to conduct payment transactions and must comply with the Indonesian regulatory body’s standards for companies offering remittance services.
“Brankas is proud to obtain the OPS and PJP licenses, as this confirms our commitment to data security and privacy for 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 both countries,” said Todd Schweitzer, CEO and co-founder of Brankas, in a press statement.
Providing secure API-based solutions
“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,” Schweitzer said.
Brankas is a leading global open finance technology provider that offers API-based solutions, data, and payment solutions for financial service providers. Its API-based solutions are usually used by companies offering e-wallets, online shopping checkout, lending services, insurance, wealth management, and online businesses.
The open finance technology provider has also since partnered with banks to build and manage their open finance infrastructure, producing API solutions for real-time payments, identity and data, new account openings, remittances, and many more.
Brankas also has an extensive range of banking API solutions that enable instant and direct payments without the extra cost and risks of “middleman” settlement accounts.
With the global company’s secure technology, online businesses, fintech companies, and digital banks can use Brankas’ APIs to create new digital experiences for their customers.
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