Bank-Digital Wallet Combo: A New Era Digital Banking

By Editorial Team 07/12/2021
digital payment
Summary

Payment service providers, especially digital wallet companies, will implement National Standard for Open Application Programming Interface in Payments (SNAP), a system that connects banking services and fintech providing payment systems. BI expects the nationwide implementation of SNAP, launched last August, to start in June 2022.

The attempt to standardize Open API will improve banking digitization even further. Besides, Bank Indonesia (BI) has also designed an open banking system and interlinks between banks and fintech companies providing payment services. Harumi Supit, OVO's spokesperson, believed that the technical standardization through SNAP would help speed up interconnections between industry players while maintaining compliance and data protection principles. "SNAP will expectedly accelerate integration, interconnection, and interoperability so that the national payment ecosystem can be more secure, efficient, as well as support fast, easy, and reliable transactions," she explained.

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