Open License

FAQs on the Brankas Open License

1. What is the Open Core?

   The APIX Open Core is the first of its kind: a fully functional open source, cloud-based, modularized core banking system for the use of fintech providers and financial institutions. It allows them to launch new and innovative financial services faster and cheaper. Its development is supported by the Monetary Authority of Singapore (MAS) Financial Sector Technology and Innovation (FSTI) Proof-of-Concept grant to Brankas on 11 November 2021.

2. What does the License cover?

   The Brankas Open License will cover the Open Core Software (Original Software), an open-source alternative to commercial core banking software systems and pre-configured to support financial institutions. The Original Software includes eight (8) modules for essential retail and corporate financial services, structured on an API-based microservices architecture and with corresponding administrator dashboards/user interfaces.

   If you are interested in availing Brankas’ closed-source components, you may reach out to our Sales team.

3. What is the meaning of the limitations set out in Clause 5 of the Brankas Open License?

   With the first-of-its-kind, state-of-the-art open-source core banking software developed by Brankas, the Original Software can help thousands of financial institutions modernize their legacy systems or facilitate the entry of fintech providers that need a core banking system.

   However, it is often the case that open source projects like the APIX Open Core can be offered by cloud vendors or by third parties as a hosted or managed service without adding value to it or giving back to the community, repackaging them into proprietary offerings and reaping revenues from them.

   While we shall continue to make the Software and its Source Code available to the open source community, we have a specific limitation to address this problem. Licensees are not permitted to offer the Software or the resulting aggregation (with Derivative Works integrated thereto) to third parties as a hosted or managed service.

4. What modifications or derivative works can you create using the Open Core?

   The Brankas Open License maintains all of the freedoms of a permissive open source license like Apache License 2.0 or 3-Clause Berkeley Software Distribution License. Third parties, including the open source community, are encouraged to develop modules/add-ons to the Software as doing so actually enriches or adds value to the Software. Such modules/add-ons may be considered Derivative Works, which third parties may offer as a standalone service (after aggregating with the Original Software) to their customers. The only limitation is that you may not offer the Software or the resulting aggregation (with Derivative Works integrated thereto) as a hosted or managed service under Clause 5.

5. If services using the Software are offered by a financial institution or a fintech provider to the public, will they have to pay license fees to Brankas?

   No. Financial institutions or fintech providers, and the open source community, may use the Software, develop their proprietary add-ons, and build their services from it - then offer such services to their customers without paying Brankas license fees, subject only to the limitation under Clause 5, that third parties may not offer the Software as a hosted or managed software.

6. What are some configurations falling under Clause 3?

   6.1. I use Open Core internally at my company. How does the License work for me?

   You may continue to use the Software for free, as your use has been clearly permitted under the License. For closed-source components, such as additional modules that have been developed by Brankas and are not available under this License, you may reach out to our Sales team.

   6.2. I am building add-ons or modular integrations compatible with the Open Core. How does the License work for me?

   As you have developed a Derivative Work, you may freely use Software and proceed to redistribute it, provided you do not offer the Software as a hosted or managed service.

   6.3. I am a financial institution or fintech provider in need of a core banking system, and I intend to use Open Core and develop my own add-ons. How does the License work for me?

   This is precisely what we hope Open Core will be useful for. Your intended use aligns with our vision to enable thousands of financial institutions and fintech providers to modernize their legacy systems or facilitate their entry into the market, ultimately redounding to the benefit of financial consumers.

   For closed-source components, such as additional modules that have been developed by Brankas and are not available under this License, you may reach out to our Sales team.

   6.4. I intend to offer a managed or hosted core banking service to financial institutions, fintech providers or third parties. In doing so, I may engage a third party cloud provider or server, or use my own cloud services to offer the services to third parties. How does the License work for me?

   This is prohibited under Clause 5 of the License.