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Visa, Brankas partner for open finance solutions

VISA has partnered with technology provider Brankas to adapt open finance into its systems and solutions.

Brankas was tapped by Visa to provide live access to its open data products, which will allow financial institutions to utilize their transaction data to improve their systems.

“The shift to digital banking in Southeast Asia brings increased customer expectations from their trusted financial institutions. We recognize a real opportunity to bring to market a solution to help businesses offer a superior customer experience,” Brankas Chief Executive and co-founder Todd Schweitzer said in a statement.

“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,” he added.

Under the partnership, the firms have already integrated the Visa Cardholder Transaction Score (VCTS) and Visa’s range of payment rails to deliver credit decisioning and payment products to pilot customers.

“Digital banks, alternative lenders, and e-commerce platforms seeking to enhance their credit decisioning capabilities can now get access to valuable, verified data that reveal a cardholder’s aggregated spend insights and creditworthiness. This dramatically improves risk evaluation methods and enables automated credit decisioning to facilitate faster processing of services such as loans and credit card issuance,” Brankas said.

Visa and Brankas have also jointly developed a new account-to-account payment solution for domestic and cross-border money movement.

“Using Brankas’ established banking network in Asia and Visa’s global payment rails, banks and merchants can now provide customers with a new way to make instant payments while saving on transaction fees,” Brankas said.

“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…  Visa is excited to partner with Brankas and take advantage of its extensive banking network in Southeast Asia to better serve the unbanked and underbanked,” Visa Regional Southeast Asia Group Country Manager Tareq Muhmood added. — L.M.J.C. Jocson

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