Open Finance technology company Brankas has developed “Brankas Open,” a ﬁrst-of-its-kind open-source license for the next generation of Banking-as-a-Service and Open Finance software.
The Brankas Open license is meant to encourage digital banking and ﬁntech innovation and lower the cost barriers for startups, neobanks, and even traditional institutions to quickly prototype and launch new solutions, while retaining their own source code. Customers will beneﬁt from more choices and better user experience, as companies have open access to use, modify, redistribute, and collaborate on the publicly available Brankas Open code.
The inspiration for Brankas Open came when Brankas received a grant from the Monetary Authority of Singapore in November 2021 to develop Brankas APIX Open Core, a proof-of-concept open source core banking system.
Recognizing the need for a modernized Open-Source framework to address new Open Finance technology, Brankas looked to existing open-source licensing frameworks in order to develop Brankas Open. Brankas felt that this framework was necessary to protect community contributions, ensure open access, and comply with ﬁnancial institutions’ data protection and security requirements.
“Brankas’ Open license allows our team to build and contribute in a way that is fair, equitable, and open to independent developers, Financial Institutions, and to our partners. With this license, Brankas is able to continue to invest in the greater open-source community, and to share our code freely with the world,” said Kenneth Shaw, co-founder and chief technology officer, Brankas.
Brankas has been advised by Ren Jun Lim, Alex Toh, and Darren Leong from Baker McKenzie’s Singapore-based Intellectual Property and Technology (IPTech) practice group.
Brankas partners with banks to build and manage their Open Finance infrastructure, producing APIs for real-time payments, identity and data, new account opening, remittances, and more. With Brankas’ secure Open Banking technology, online businesses, ﬁntech companies and digital banks can use Brankas APIs to create new digital experiences for their users.