At the Singapore Fintech Festival 2024, Brankas today announced its open banking compliance solution now comes fully integrated with an API suite and ADVANCE.AI's eKYC technology. Banks that are required to meet open banking regulations such as BI-SNAP in Indonesia can now leverage a single platform for all their compliance needs.

Central banks such as the State Bank of Vietnam and the Bangko Sentral ng Pilipinas are in the midst of implementing open banking regulations for the banks they supervise, while Bank Indonesia requires local and foreign banks operating in Indonesia to comply with Indonesia Payment System Blueprint 2025 (BSPI 2025), its future national payment system. Regulatory requirements cover API standards, authentication, and encryption, all of which are compliance features that banks can efficiently implement via the open banking platform by Brankas, which leverages ADVANCE.AI's real-time digital identity verification technology.

Beyond meeting compliance requirements via ADVANCE.AI's e-KYC technology and the Brankas Open Finance Suite, banks can use the open banking platform to launch new banking products with partners. Products including payments, loyalty programs, and joint credit cards give banks the opportunity to better meet modern banking needs and get more deposits and revenue in the process. Both banks and customers can be assured that these new partnership products come with advanced real-time identity verification, fraud detection, and risk assessments that substantially reduce scam and fraud rates.