Brankas and 2C2P Bring Open Banking Solution to Indonesia
Brankas, the leading Open Finance technology provider in Southeast Asia, announced today a strategic partnership with Southeast Asia-based payments leader, 2C2P to introduce their modern Open Banking solution to Indonesia.
Through Brankas’ API integration, customers of 2C2P’s merchants will be directly connected to major Indonesian banks including Bank Central Asia (BCA), Bank Mandiri, Bank Negara Indonesia, and Bank Rakyat Indonesia. Built on the principles of open banking, the partnership allows Indonesia businesses to offer customers a direct debit option during the checkout process to make payments from their personal banking accounts with the aforementioned banks immediately. Since the payment is authenticated directly between the consumer and the bank, merchants can avoid higher transaction costs and chargebacks generated due to fraud or an inability to capture funds.
The partnership extends the reach of 2C2P’s Direct Debit payment feature, enabling merchants to offer their Indonesian customers a seamless, secure, and faster payment option. Currently available in Indonesia, Brankas and 2C2P aim to bring these benefits to consumers and merchants in other markets in the region.
Brankas CEO Todd Schweitzer remarked: “The Brankas team is impressed by 2C2P’s modern payments technology and multi-country network. Both Brankas and 2C2P share a vision to simplify payments technology and provide new digital experiences for Southeast Asian merchants and consumers. Together, we can accelerate Open Banking, increase access, and empower the next generation of Southeast Asian entrepreneurs.”
Commenting on the timeliness of the partnership, Agnes Chua, Director, Business and Product Development, 2C2P shared, “While Southeast Asia represents one of the fastest-growing economies in the world, seven out of 10 adults in Southeast Asia are still “underbanked”. This presents a huge opportunity for banks and businesses to capitalize on the valuable opportunities provided by open banking and make it easier for customers to tap on banking services. We are excited to work with Brankas and harness the potential of their open banking API service through our Direct Debit payment feature. Open collaboration is key to the development of new and innovative payment solutions that will equip our merchants with the tools to unlock greater efficiency and drive business growth. This is part of 2C2P’s continued commitment to power the growth of enterprises through an integrated payments platform.”