Brankas, the leading global open finance technology provider, and Element Inc , the privacy-led, modern AI pioneer in digital identity services used to verify a person´s information quickly and seamlessly, today announced a strategic partnership to introduce an additional layer of security to detect potential frauds.
In Southeast Asia, one in every three people experienced online fraud amidst this digital transformation last year. Meanwhile, online fraud emerged as a top critical enterprise risk for Southeast Asia-based businesses. This was on top of the US$260 million that they already lost in 2019 to digital fraud. Locally, digital fraud has jumped in several sectors this 2022 particularly in the logistics sector which increased by 236 percent in the second quarter of 2022 from a year ago; telecommunications, also went up by 45 percent; while gambling digital fraud, rose by 32 percent.
Brankas, the comprehensive Open Finance API platform stand to revolutionize the growth of the MSMEs in the Asia-Pacific region and provide financial access to the underserved while protecting consumer data, confidentiality, and financing via its products and services.
Element can play the critical role of the identity verification layer for Brankas’ Open Finance Products such as Brankas Direct or Statement. Direct is currently available in Indonesia, Thailand, and the Philippines. Through this, businesses can replace manual bank transfers as a checkout option, enable direct e-wallet top-ups, and expedite loan repayments to multiple banks via a single flow. This allows businesses to speed up day-to-day transactions, freeing up that time spent manually reconciling data for further innovation and customer-centric activities.
For example, when a user is making a payment using Brankas Direct, they can authenticate themselves using Element’s state-of-the-art liveness detection product. This provides an additional layer of security on top of OTP, making transactions more secure.
In addition, Brankas is also exploring ways to capitalize on Element’s extensive eKYC [Electronic Know Your Customer] capabilities to complement its composable cloud native core banking system, the Brankas Open Core. This enables a seamless onboarding process for customers opening new bank accounts or Loan Management Solutions using the Brankas core banking solution.
Brankas CEO and Co-founder, Todd Schweitzer said, “Element has the most comprehensive eKYC offering in the region, localized for specific markets. Their liveness check products and connectivity central databases for identity checks can make Brankas’ Open Banking products more fraud-proof.”
Added Adam Perold, CEO and Co-founder, Element Inc said, “Brankas has been a leader in open finance and continues to advocate for adoption across the region. Element is looking forward to supporting open finance products to make onboarding and authentication much easier and safer for our end users, and this product paves the way for more use cases in the future.”