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THAILAND’S BANKS BOOST FRAUD DETECTION WITH PARTNERSHIP BETWEEN BRANKAS AND ELEMENT INC
Bangkok, Thailand - March 2023
In a bid to combat the rising tide of online fraud in Southeast Asia, Brankas, a leading global open finance technology provider, has announced a strategic partnership with Element Inc, a pioneer in digital identity services. The collaboration aims to introduce an additional layer of security to detect potential frauds and safeguard consumer data.
Rising Online Fraud in Southeast Asia
Recent statistics have revealed that one in every three people in the region experienced online fraud last year, while businesses lost a staggering US$260 million to digital fraud in 2019. Brankas’ Open Finance API platform is set to revolutionize the growth of micro, small, and medium-sized enterprises (MSMEs) in the Asia-Pacific region by providing financial access to underserved communities while protecting consumer data.
Brankas Open Finance Products
Brankas’ partnership with Element will play a critical role in its Open Finance products, such as:
- Brankas Direct: Currently available in Indonesia, Thailand, and the Philippines, this product enables businesses to replace manual bank transfers with direct e-wallet top-ups, expedite loan repayments to multiple banks via a single flow, and speed up day-to-day transactions.
Enhanced Transaction Security
When using Brankas Direct, users can authenticate themselves using Element’s state-of-the-art liveness detection product, providing an additional layer of security on top of one-time passwords (OTPs). This enhances transaction security, making it more difficult for fraudsters to impersonate users.
Future Plans
Brankas is also exploring ways to leverage Element’s extensive electronic know-your-customer (eKYC) 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.
Quotes from the CEOs
“We are excited about this partnership as Element has the most comprehensive eKYC offering in the region, localized for specific markets,” said Todd Schweitzer, CEO and Co-founder of Brankas. “Their liveness check products and connectivity to central databases for identity checks will make our Open Banking products more fraud-proof.”
Adam Perold, CEO and Co-founder of Element Inc, added, “Brankas has been a leader in open finance and continues to advocate for adoption across the region. We look forward to supporting open finance products to make onboarding and authentication much easier and safer for our end-users.”
About Brankas
Brankas is the leading global open finance technology provider, offering API-based solutions, data, and payments services for financial service providers and online businesses.
About Element
Element is a pioneer in digital identity services, delivering a persistent, private, and portable unique digital identity designed with intention. The company partners with forward-thinking financial institutions, governments, and healthcare organizations to transform how they deliver their services.