Brankas | November 24, 2022
Open Finance technology leader Brankas 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. 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.
"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,"
- Brankas co-founder and CTO, Kenneth Shaw
Brankas has been advised by Ren Jun Lim, Alex Toh and Darren Leong from Baker McKenzie's Singapore-based Intellectual Property and Technology (IPTech) practice group.
Brankas is the leading Open Finance technology provider in Southeast Asia. We provide API-based solutions, data and payments solutions for financial service providers (like banks, lenders and e-wallets) and online businesses. Brankas partners with banks to build and manage their Open Finance infrastructure, producing APIs for real-time payments, identity and data, new account opening, remittances, and more. With Brankas' secure Open Banking technology, online businesses, fintech companies and digital banks can use Brankas APIs to create new digital experiences for their users.
About Baker McKenzie
Baker McKenzie provides integrated client solutions that are underpinned by deep practice and sector expertise, as well as keen local market knowledge. These connected solutions provide insight and foresight, empowering business leaders to make the right decisions across siloes. Gain access to seamless legal advice across all your IP and technology needs including protecting and commercialising your intangible assets, advice on licensing and regulatory matters, legal issues in the area of internet of things (IoT), data protection, sector-specific dispute resolution, tax-related issues, labour law, competition and antitrust, commercial contracts and restructuring. Benefit from a team with a unique culture which enables our 13,000 people to work with clients as trusted colleagues and friends to drive innovative growth that is both sustainable — and inclusive.
CORE BANKING, FINTECH
Quaint Oak Bank | November 25, 2022
Quaint Oak Bank, a Pennsylvania-based community bank, will leverage Cable’s centralized platform to enhance financial crime compliance oversight across its fintech partner portfolio, using Cable’s suite of automated and smart tools to efficiently onboard and continuously monitor its fintech partners on a single platform.
“We are excited to partner with Cable to scale our fintech sponsorship program in a safe and sound manner, Our primary responsibility as a partner bank is to ensure that every fintech program complies with applicable banking and consumer protection regulations, with a heightened focus on combating money laundering, identity theft, and other financial crime related activities. Cable’s real-time integrated platform provides us the visibility and unrestricted access necessary to identify and target compliance deficiencies quickly and efficiently. Deploying Cable aligns perfectly with our enterprise-wide initiative to leverage technology for accuracy and scalability. We believe by using Cable we can onboard our partners faster, have significantly greater oversight of their financial crime controls, provide a streamlined experience for our partners, and give us greater assurance about our compliance.”
-William Gonzalez, EVP of Quaint Oak Bank
Cable gives partner banks such as Quaint Oak Bank and other institutions confidence in their compliance with financial crime requirements, providing a single platform for conducting tech-enabled risk assessments, automated assurance, quality assurance, management information, reporting, and more.
We are honored to partner with Quaint Oak Bank to help grow its fintech partner program, Our technology will help them meet regulatory requirements and launch fintech partners faster, while implementing oversight processes that scale seamlessly as its business expands,said Natasha Vernier, Cable CEO.
There is a lot of opportunity now to level up partner bank oversight of fintech partners. We’re excited to build our relationship with Quaint Oak Bank and raise the bar on what’s possible for fintech partner management together.
TD Bank | November 24, 2022
TD Bank, America's Most Convenient Bank®, today announced the extension of its credit card program agreement with Nordstrom, Inc. (NYSE: JWN). TD will continue providing exceptional card products and experiences to Nordstrom customers as the exclusive issuer of Nordstrom's U.S. Visa and private label consumer credit cards.
"Our teams have built an outstanding working relationship over the past seven years, We partner with Nordstrom at every level, collaborating closely with leadership while providing tailored support for store teams. We have navigated an unprecedented retail environment together, and we are excited to continue our work driving strong customer engagement."
-David Swift, Head of Credit Card Partnership Programs at TD Bank
Through the Nordstrom card program, we deliver the elevated experiences that our customers have come to expect, Our cardholders enjoy more rewards, exclusive perks and early access to our highly anticipated Anniversary Sale. TD shares our dedication to meeting customers' evolving needs, and we value their partnership as we continually innovate our offerings and enhance our capabilities,said Dennis Bauer, President of Payments and Credit at Nordstrom.
TD first acquired Nordstrom's credit card portfolio in 2015.
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing over 9.8 million customers with a full range of retail, small business and commercial banking products and services at more than 1,100 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Auto Finance, a division of TD Bank, N.A., offers vehicle financing and dealer commercial services. TD Bank and its subsidiaries also offer customized private banking and wealth management services through TD Wealth®. TD Bank is headquartered in Cherry Hill, N.J.TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD".