Artificial intelligence company Element will add an extra identity verification layer for Brankas’ Open Finance Products, the companies have announced.
Under the new partnership, which aims to detect potential frauds, any user making a payment through Brankas Direct, will now be able to authenticate themselves using Element’s liveness detection technology.
The feature will provide an additional layer of security on top of OTP and will be used for Brankas’ Open Finance Products such as Brankas Direct and Statement.
Brankas CEO and Co-founder, Todd Schweitzer said in a statement, “Element has the most comprehensive eKYC offering in the region, localised for specific markets. Their liveness check products and connectivity central databases for identity checks can make Brankas’ Open Banking products more fraud proof.”
Through Direct, which is currently available in Indonesia, Thailand, and the Philippines, 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.
One of the key advantages according to the company is that it speeds up day-to-day transactions, creating time for innovation and customer-centric activities.
In Southeast Asia, one in every three people experienced online fraud in the last year while it has emerged as a top critical enterprise risk for Southeast Asia-based businesses.
On the announcement, Element’s CEO and Co-founder, Adam Perold added, “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.”
In addition, Brankas said the partnership would allow it explore ways to capitalise on Element’s eKYC [Electronic Know Your Customer] capabilities to complement Brankas Open Core, its composable cloud native core banking system.
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