Brankas is first company in Indonesia to be awarded open banking data license

Brankas announced that it is the first company in Indonesia to be licensed for Account Information Services (AInS) after the company secured the Payment Service Provider (PJP) Category 2 license by Bank Indonesia (BI). Customers can now use Brankas to securely share their bank account balance during payments, allowing for real-time payment verification and automated prompts for insufficient funds. Under the PJP Category 2, Brankas also obtained the license for Payment Initiation and/or Acquiring Services (PIAS).

BI has approved the official use of Brankas Direct API as an integrated pay-by-bank solution with account balance visibility. Today, Brankas Direct is one of the only pay-by-bank solutions that offers real-time settlement, meaning money is moved instantly without the risks of fraud and lost funds associated with traditional escrow methods. It also enables customers to conveniently make digital payments without the need to own or carry a physical credit or debit card.

"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.