Together with BRI, Ayoconnect Startup Ready to Introduce the Open Finance Ecosystem
Open finance fintech company Ayoconnect announced its strategic partnership with Bank Rakyat Indonesia (BRI). Through this collaboration, Ayoconnect can open access to BRI’s digitalized financial services, such as direct debit, bulk transfers, to opening deposit accounts, for hundreds of its clients.
The collaboration between Ayoconnect and BRI is a clear example of the potential benefits that can be generated from implementing an open finance ecosystem.
“Open finance is a system that builds interconnectivity between financial service providers and other service providers through API technology to improve service quality for customers,” explained COO and Ayoconnect Founder Chiragh Kirpalani in a written statement in Jakarta, Saturday (6/11/2021).
For information, API (Application Programming Interface – application programming interface) is an intermediary software that allows several applications or institutions to connect and talk to each other.
“The Ayoconnect open finance ecosystem was built to empower service providers to launch digitalized financial services quickly and easily, without having to build all the required infrastructure from scratch,” Chiragh further explained.
Open finance is predicted to be the key to the future of the financial industry worldwide, including in Indonesia. Through the connection between each other in the open finance ecosystem, banking and retail companies can provide a variety of financial services more quickly and efficiently.
Based on Accenture’s research, the implementation of open finance has the opportunity to generate revenues of up to USD 416 billion for the financial services industry players globally.
The research, which was launched in June 2021, also said that 76 percent of banks worldwide predict adoption of the open finance API will increase by 50 percent or more in the next three to five years.
Features that Provide Flexibility for Customers
Open finance also gives customers greater flexibility in choosing financial services. Furthermore, the adoption of open finance will also reduce the cost and time required for customers to access financial services.
With Ayoconnect’s strategic partnership with BRI through BRIAPI, BRI customers who want to shop on various retail platforms that have partnered with Ayoconnect have new payment alternatives that make the transaction experience easier because Ayoconnect has adopted the direct account balance debit feature.
“This collaboration will certainly provide a seamless banking experience for hundreds of millions of BRI customers throughout Indonesia,” explained BRI’s Division Head Digital Banking Development & Operations, Muhammad Ghifary.
He also expressed his enthusiasm for the collaboration between Ayoconnect and BRI. “BRI supports open finance by developing BRIAPI as a gateway for collaboration with various digital and non-digital platforms to reach the beyond banking ecosystem.
This is intended so that BRI can provide banking services as embedded finance to various applications through strategic partnerships such as with Ayoconnect,” he said.
Founded in 2016, Ayoconnect has received funding worth a total of US$15 billion or equivalent to Rp214 billion from various leading local and international investors, including BRI Ventures, a venture capital company that is a subsidiary of BRI.
Recently, Ayoconnect also announced the joining of technopreneur Ilham Habibie as the company’s commissioner.
The Ayoconnect financial API platform collaborates with GoPay, a payment and financial service available in the Gojek application.
Through integration with Ayoconnect’s Digital Products API solution, GoPay has expanded bill payment services into 21 categories from dozens of leading service providers.
An API (Application Programming Interface) is an intermediary software that allows multiple applications or institutions to connect and talk to each other.
Ayoconnect’s Open API Ecosystem connects financial information from a number of data collection points. Integration with Ayoconnect’s Open API ecosystem allows online applications to quickly and easily launch financial services to their users.