Open finance technology provider Brankas has announced a joint venture with Visa, unveiling an open finance solution to increase financial inclusion for Southeast Asian firms.
Integrated into the Visa Cardholder Transaction Score (VCTS) and the rest of its payment rails, Brankas is seeking to enable financial institutions to utilise transaction data to improve their solution offerings.
Merchants can now gain access to verified data that reveals a cardholder’s aggregate spend and creditworthiness, improving risk evaluation methods and enabling automated credit decisioning for faster loan and credit card issuance.
Todd Schweitzer, CEO and Co-Founder of Brankas, said: “We recognize a real opportunity to bring to market a solution to help businesses offer a superior customer experience. With this partnership, businesses are unlocking accelerated transaction processing and payment alternatives to bolster their offerings.
“We are very excited to team up with Visa to increase financial inclusion across Southeast Asia, and we believe that our joint solutions will do just that.”
In addition to the open finance product, Brankas and Visa have co-developed a new Account-to-Account payment solution which allows to open up more methods of domestic and cross-border money transfers.
Brankas’ banking network in Asia will connect with Visa’s global payment rails to provide financial institutions with new options for instant payments whilst saving on transaction fees.
“As a trusted engine of commerce, Visa is uniquely positioned to help people, businesses, and governments make more confident financial decisions and move money securely,” commented Tareq Muhmood, Group Country Manager of Southeast Asia at Visa.
“Brankas is a company that combines core banking, data, payments, and issuance products in a single stack, enabling their customers to rapidly launch new and innovative solutions. Visa is excited to partner with Brankas and take advantage of its extensive baking network in Southeast Asia to better serve the underbanked.”