Brankas, a Southeast Asian open finance technology firm, has developed an open source licence called Brankas Open for banking-as-a-service and open finance software.
The Brankas Open license is expected to promote digital banking and fintech innovation and reduce the cost barriers for neobanks, start-ups, and even traditional institutions. These will enable them to prototype quickly and roll out new solutions faster, while retaining their own source code.
Brankas said that its inspiration to work on Brankas Open came when the company secured a grant from the Monetary Authority of Singapore last year to build a proof of concept open source core banking system called Brankas APIX Open Core.
APIX Open Core is designed as a fully functional open source, cloud-based, modularised core banking system to cater to financial institutions and fintech providers.
With companies given open access for using, modifying, redistributing, and collaborating on the publicly available Brankas Open code, customers will gain better choices and user experience, said the open finance technology firm.
Brankas stated that the open-source licencing framework is required to safeguard community contributions, ensure open access, and adhere to the data protection and security requirements of financial institutions.
Brankas co-founder and CTO Kenneth Shaw said: “Brankas’ Open license allows our team to build and contribute in a way that is fair, equitable, and open to independent developers, FIs, and to our partners. With this license, Brankas is able to continue to invest in the greater open source community, and to share our code freely with the world.”
The company offers API-based solutions, data and payments solutions for financial service providers, including lenders, banks, and e-wallets. It also serves online businesses.
Brankas is said to collaborate with banks to develop and manage their open finance infrastructure as well as produce APIs for real-time payments, remittances, identity and data, new account openings, and others.