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Ayoconnect's License Milestone: Obtaining the PIAS License from Bank Indonesia and More Exciting Updates for 2023

Ayoconnect's License Milestone: Obtaining the PIAS License from Bank Indonesia and More Exciting Updates for 2023

June 27, 2023

Ayoconnect proudly announces that as the largest Open Finance API platform in Southeast Asia and the only licensed open finance player in Indonesia, we have recently achieved the Payment Initiation and/or Acquiring Services (PIAS) license from Bank Indonesia!

This accomplishment reflects our commitment to ensuring regulatory compliance and prioritizing transaction security for its embedded lifestyle solutions. With the Indonesian banking industry actively embracing digital transformation, Ayoconnect's licenses align with the growing demand for affordable and secure digital banking services, particularly among MSMEs (micro, small and medium-sized enterprises), and underbanked individuals.

Understanding PIAS

One of the regulations that all players in the financial technology ecosystem must comply with is obtaining a license from Bank Indonesia, which is regulated by the Payment System Service Providers (PJP classification). One of the activities under PJP issued by Bank Indonesia is the Payment Initiation and/or Acquiring Services (PIAS) activity.

According to data from Bank Indonesia's official website, payment initiation and/or acquiring services activities involve forwarding payment transactions. The development of Open Banking drives this innovative payment method. PIAS ensures licensed third-party providers (TPPs) comply with regulations to ensure customer security when making payments through direct bank transfers from the customer's bank account.

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Ayoconnect’s PIAS-Compliant Solution: Direct Debit

Say hello to Direct Debit, our PIAS-compliant solution that transforms the payment experience for consumers and businesses. Direct Debit offers many benefits, designed especially for companies relying on regular payments, such as utility providers, insurance companies, streaming services, and telecom/internet providers. Streamlined fund collection, reduced costs, minimized late payments, and decreased loan defaults are just a few advantages of this automated debit payment method.

With the successful implementation of Ayoconnect's Direct Debit solution in collaboration with partner banks like BRI, Bank Mandiri, CIMB Niaga, BNI, Bank Danamon, Bank Syariah Indonesia, and Bank Neo Commerce, businesses of all sizes, including startups and MSMEs, can now offer seamless digital payments to their customers. Rest assured, this secure and efficient method ensures a hassle-free financial experience for both businesses and their valued customers.

Stay Up to Date with Ayoconnect's Latest License Updates

As we enter our seventh year of operations, catering to businesses of all sizes and industries across Indonesia and Southeast Asia, our commitment remains unwavering. We are dedicated to ensuring that our solutions are always officially licensed, prioritizing the security of our valued customers.

With that in mind, we are delighted to present our list of official licenses, certifications, and affiliations for the year 2023:

Recognized by Prominent Authorities

We are pleased to share that Ayoconnect holds licenses from Bank Indonesia and is officially recorded in the Ministry of Communication and Informatics (Kominfo) and the Financial Services Authority (OJK)! Being recognized by major Indonesian regulatory bodies validate our compliance with industry regulations and showcases our commitment to operating within the legal framework.

Certifications for Enhanced Security

Security is of utmost importance to us, and we are proud to be certified by globally recognized standards. Ayoconnect holds the renowned ISO 27001 certification, which ensures the implementation of robust information security management systems. Additionally, we are PCI DSS compliant, ensuring that our payment processing solutions meet the highest security standards to protect sensitive customer data.

A Member of Prominent Associations

Ayoconnect is an esteemed member of several prominent industry associations, including the Association of Financial Technology (AFTECH), Asosiasi Sistem Pembayaran Indonesia (ASPI), Asosiasi Perusahaan Pembiayaan Indonesia (APPI), and Asosiasi Payment Gateway Indonesia (APGI). Being a member of these associations enables us to stay at the forefront of industry trends, collaborate with other key players, and contribute to the development of the fintech ecosystem in Southeast Asia.

Get Started with Ayoconnect Today!

If you are searching for a reliable Open Finance payment solution API provider with extensive expertise in supporting businesses across Indonesia and Southeast Asia, you have come to the right place! At Ayoconnect, we are dedicated to providing our clients with integrity and compliance, always prioritizing the security of your business and the privacy of your customers. 

With a solid track record, we have garnered the trust of over 200 businesses in Southeast Asia. This includes highly respected institutions like Bank BRI and Bank Mandiri, esteemed state-owned entities such as BPJamsostek (social security) and PT KAI Indonesia (national public railway operator), and industry leaders like the leading Southeast Asia travel platform Traveloka, among many others.

Ready to #MoveForward with us? Contact us for more information here!