Finance technology firm Brankas said it 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, the company said.
Customers will beneﬁt from more choice 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.
“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, Brankas co-founder and chief technology officer.