JAKARTA - Brankas, Indonesia's leading open finance service provider, today officially announced a partnership with VISA, the world's leader in digital payment services. Through the integration of Brankas' core-solution with the VISA Cardholder Transaction Score (VCTS) service and the support of the extensive VISA network, this collaboration will help financial institutions, especially fintech, in the process of determining credit scores, as well as simplify the product payment process by users.
This collaboration is also expected to open up more alternative financial solutions and increase financial inclusion in Southeast Asia, especially considering the wide reach of VISA users and the expertise and completeness of the open finance ecosystem owned by Brankas.
Todd Schweitzer, CEO and Co-founder of Brankas said “We see a great opportunity for the open finance industry to present solutions that can help businesses offer a better user experience. By partnering with VISA, we hope to help businesses speed up transaction processes and create new payment alternatives, so that companies can provide more targeted product offerings for consumers. With VISA's capabilities that have the widest payment reach in the world, we hope that this collaboration can provide financial solutions that can support increased financial inclusion in Southeast Asia."
Through this collaboration, Brankas has direct access to open data products owned by VISA, which contains aggregated data related to cardholder transaction history and cardholder creditworthiness data. This access will be useful for digital banks, BNPL providers and fintech lending to provide credit decisions for their prospective users more easily, quickly and comprehensively.
Brankas and VISA also cooperate with account-to-account payment, which allows banks or merchants to provide payment services to customers instantly and securely, without the need to enter VISA card credential data. (LM)