Brankas, an open finance platform provider, has launched a solution aimed at simplifying open banking compliance for financial institutions in the Asia-Pacific region.
The announcement was made at the Singapore Fintech Festival 2024 (SFF 2024), where Brankas unveiled the platform that integrates its API suite with ADVANCE.AI’s electronic Know Your Customer (eKYC) technology.
The platform is designed to support banks as they adapt to emerging open banking regulations across the region.
These include Indonesia’s BI-SNAP guidelines and the broader Indonesia Payment System Blueprint 2025 (BSPI 2025), as well as regulations being developed by the State Bank of Vietnam and the Bangko Sentral ng Pilipinas.
Brankas’ platform addresses key compliance requirements such as API standardization, authentication, and encryption.
The integration of ADVANCE.AI’s technology provides features such as real-time identity verification, fraud detection, and risk assessments, which help financial institutions meet regulatory demands securely.
These tools are also intended to reduce the risk of fraud and scams.
In addition to compliance, the platform offers opportunities for financial institutions to develop products such as payment solutions, loyalty programs, and joint credit cards.
These services aim to meet evolving banking needs while offering financial institutions avenues for growth.
Brankas and ADVANCE.AI are showcasing the platform at the SFF 2024.
Featured image credit: ADVANCE.AI
