Southeast Asian open finance platform Brankas has reportedly become the first company in Indonesia to obtain a Payment Service Provider (PJP) Category 2 license for Account Information Services (AInS) from Bank Indonesia.
This license allows Brankas to offer enhanced transparency in payment transactions, providing businesses and their customers with real-time visibility into account balances during transactions.
With this new license, Brankas can also offer Payment Initiation and/or Acquiring Services (PIAS), facilitating secure, real-time payments without the need for physical credit or debit cards.
The company’s Brankas Direct API, now officially approved for use, supports instant settlement of transactions, enhancing the security and efficiency of digital payments.
The licensing under Bank Indonesia’s PJP system marks a significant step in regulating and supervising payment services based on the scope of activities authorised under the Category 2 license.
This includes accessing customer bank account information securely to verify transactions and notify users about low or insufficient funds, which could prevent payment failures and additional charges.
Additionally, Brankas is now authorised to initiate payments on behalf of customers or act as a payment receiver for transactions such as insurance premiums, e-commerce purchases, and loan repayments.
This capability is expected to streamline financial transactions for a variety of online and retail businesses.
Todd Schweitzer
“We appreciate the trust that Bank Indonesia has in Brankas as we become the first company in Indonesia to be licensed for AInS.
Solving the problems of our customers’ is our top priority, and we are excited that our payment APIs are helping to accelerate reconciliation, reduce payment defaults, and enable an embedded finance experience.”
said Todd Schweitzer, CEO and Co-founder of Brankas.
Featured image credit: Edited from Freepik
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- Source: https://fintechnews.sg/94801/indonesia/brankas-claims-to-be-first-to-secure-open-banking-data-license-in-indonesia/
