Brancas develops software for open finance
Technology leader OPEN Finance Brancas 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 designed to encourage innovation in digital banking and fintech, and to lower cost barriers for startups, neobanks, and even traditional institutions to rapidly prototype and launch new solutions while retaining their own source code. Customers will benefit from more choice and a better user experience as companies have open access to use, modify, redistribute and collaborate on Brankas’ public open source.
“The Brancas Open License allows our team to create and contribute in a way that is fair, equitable, and open to independent developers, financial institutions, and our partners. With this license, Brancas can continue to invest in more open source projects. source code and freely share our code with the world,” said Brankas co-founder and CTO Kenneth Shaw.
The inspiration for Brankas Open came when Brancas received a grant from the Monetary Authority of Singapore in November 2021 to develop the Brankas APIX Open Core, an open source conceptual core banking system.
Recognizing the need for a modernized open source environment to address new open finance technologies, Brancas turned to existing open source licensing structures to develop Brankas Open. Brancas believed that this structure was necessary to protect the community’s contributions, ensure open access, and comply with financial institutions’ data protection and security requirements.
The Brankas Public License is available on the Brankas website at: https://www.brrankas.com/open-license and on github https://github.com/openbank/core
Brancas was advised by Ren Jun Lim, Alex Toh, and Darren Leong of Singapore-based Baker McKenzie Intellectual Property and Technology (IPTech) Group.