For the upcoming iteration of Banking-as-a-Service and Open Finance software, Open Finance technology vendor Brankas has created “Brankas Open,” a first-of-its-kind open source licence.
By lowering the cost barriers for startups, neobanks, and even established organisations to swiftly prototype and introduce innovative solutions while keeping control of their own source code, the “Brankas Open” licence hopes to promote innovation in digital banking and fintech. Due to organisations’ open access to use, edit, redistribute, and cooperate on the publicly available Brankas Open code, customers will have more options and a better user experience.
Brankas got funding from the Monetary Authority of Singapore in November 2021 to create Brankas APIX Open Core, an open source core banking system that served as a proof of concept. This funding served as the impetus for the creation of Brankas Open.
Brankas looked to current open-source licence frameworks to establish Brankas Open after realising the need for a modernised Open Source framework to accommodate emerging Open Finance technology. Brankas believed that this framework was essential to safeguarding community contributions, ensuring open access, and meeting the data security and protection needs of financial institutions.
The Intellectual Property and Technology (IPTech) practise group of Baker McKenzie in Singapore provided advice to Brankas through Ren Jun Lim, Alex Toh, and Darren Leong.
On the Brankas website at https://www.brankas.com/open-license and on Github at https://github.com/openbank/core, you may find the Brankas Open licence.
“Brankas’ Open license allows our team to build and contribute in a way that is fair, equitable, and open to independent developers, FIs, 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,” stated Brankas co-founder and CTO, Kenneth Shaw.