The APIX Open Core is being developed by Brankas for traditional and digital banks, non-bank financial institutions (NBFI), fintech, and cooperatives in emerging markets. With funding support from the FSTI POC grant, Brankas aims to further APIX Open Core to enable rapid financial product development. It aims to do so by removing licensing costs, providing easy integration with third-party services, and ensuring compliance with regulatory requirements.
In Singapore, where the technology will be developed and deployed first, local fintech companies will benefit from a faster entry into new markets as adoption of the APIX Open Core expands across ASEAN, while the local software engineering community can directly contribute to a “homegrown” open source project that helps to narrow a persisting gap in the region’s financial services infrastructure.
APIX Open Core is an open-source core banking system based on APIX platform. APIX was set up by AFIN (ASEAN Financial Innovation Network) in 2018 as the first cross-border, open-architecture API marketplace for collaboration between fintech and financial institutions. With APIX, participants can integrate and test solutions in a sandbox environment via a cloud-based architecture.
“APIX Open Core is designed to disrupt the banking status quo. The aim is to solve current barriers to entry in the banking sector. For instance, commercial CBS from established players tends to be very costly, restricting banks to a closed environment that allows minimal integration and customizability,” said Mike Dickinson, Chief Product Officer of Brankas.
APIX Open Core’s currently contains eight modules targeted for retail banking, including Customer Onboarding, Account Management, General Ledger, Savings/Wallets and Time Deposits, Regulatory Reporting, Retail, and SME Loan Booking, Payment and External Settlements, as well as Risk, Fraud, and AML Management. It is also designed to allow integration with external fintech partners, the bank’s mobile or web apps, and external card or payment networks.
