Brankas secures the prestigious PJP Category 2 license from Bank Indonesia, becoming the first Indonesian company licensed for Account Information Services (AInS). With approval for Payment Initiation and/or Acquiring Services (PIAS), Brankas expands its capabilities, offering secure real-time payment verification and automated prompts for insufficient funds, revolutionizing the Indonesian fintech landscape.
18 April 2024 – Brankas, a leading financial technology company, proudly announces its pioneering achievement as the first company in Indonesia to secure the Payment Service Provider (PJP) Category 2 license from Bank Indonesia (BI) for Account Information Services (AInS). This milestone underscores Brankas’s commitment to innovation and regulatory compliance, allowing customers to access real-time payment verification and automated prompts for insufficient funds securely.
With the PJP Category 2 license, Brankas also gains approval for Payment Initiation and/or Acquiring Services (PIAS), expanding its capabilities in facilitating seamless digital transactions. BI’s endorsement of Brankas Direct API as an integrated pay-by-bank solution with account balance visibility solidifies Brankas’s position as a trusted partner in the Indonesian fintech landscape. Brankas Direct stands out as one of the few pay-by-bank solutions offering real-time settlement, ensuring instant fund transfers without the risks associated with traditional escrow methods, thus enabling convenient digital payments without physical cards.
Bank Indonesia’s PJP licensing system ensures stringent supervision of payment service providers, with the Category 2 license granting Brankas authorization to operate within the realms of AInS and PIAS.
Under the Account Information Services (AInS) segment, Brankas empowers fintechs, retail, and online companies to securely access customer bank account information via the Brankas Direct API, facilitating real-time verification of fund transfers for payments and refunds. This read-only visibility enhances customer assurance and reduces the risk of fraudulent transactions, particularly in cases of unauthorized activity. Moreover, businesses utilizing a recurring payment model can proactively notify customers of low or insufficient account balances, mitigating service disruptions and extra fees from failed payments.
In the Payment Initiation and/or Acquiring Services (PIAS) domain, Brankas assumes the role of initiating payments on behalf of customers and acting as an acquiring service for businesses to receive payments. This broadens the scope of Brankas’s offerings, encompassing various transactions such as insurance premiums, loan repayments, e-commerce transactions, e-wallet top-ups, recurring online subscriptions, and payment gateway virtual accounts.
Todd Schweitzer, CEO, and Co-founder of Brankas expressed gratitude for Bank Indonesia’s trust in Brankas, stating, “Solving our customers’ problems is our top priority, and we are thrilled that our payment APIs are facilitating reconciliation, reducing payment defaults, and enabling an embedded finance experience.”
Brankas’s achievement heralds a new era of financial innovation and accessibility in Indonesia, paving the way for enhanced digital financial services and streamlined transactions for businesses and consumers alike.
