June 11, 2021
3 min read

Meet WSO2 Open Banking 3.0—Taking Compliance & Premium Open Banking Global

Executive Summary:

  • Open banking is an established trend in the banking industry 
  • Beyond compliance, it enables banks to deliver personalized experiences faster, create new higher-value revenue streams, and cut costs 
  • This release helps banks to secure ongoing compliance and quickly explore commercial open banking ahead of the competition
  • Our new Open Banking Accelerator allows technology, regtech and IT services partners to drastically reduce time-to-market to deliver open banking compliance in any market

Introducing 3.0

We’re delighted to announce that the latest iteration of WSO2’s open banking platform, WSO2 Open Banking 3.0, is now available!

For banks, our May 2021 release reiterates our commitment to simplify how you launch and scale your open banking capabilities and meet ever-growing regulatory and business requirements. This version helps your technical and business teams be more agile by introducing capabilities for easier testing, deployment and scaling of new services, and enhanced UIs and workflows for productivity, all underpinned by ongoing standards-compliance and improved security and resilience.

For partners from technology, regtech and IT services companies, we are excited to introduce our Open Banking Accelerator enabling you to drastically reduce time-to-market to deliver proven open banking compliance in any market across the globe. We look forward to working with you to capture the opportunity of the emergence of open banking as a global trend, taking hold in almost every market including the North American, Latin American, African, Southeast Asian and Middle Eastern markets.



New With This Release for Banks

Commercial Open Banking Capabilities

Enable your developers to accelerate delivering commercial use cases. These new advanced integration capabilities are designed to help your teams reduce repetitive and manual coding work so they could focus more on improving consumer experiences.

  • Service catalogs and single-click managed APIs: By using a service catalog, developers can seamlessly discover a given service and create a managed API with a single click. 
  • Support for asynchronous APIs: Gain complete support for streaming APIs and event-driven architecture (EDA) enabling timely, meaningful digital interactions in response to customer actions.
  • Async API definitions for streaming APIs: The first solution to support full implementation of the AsyncAPI specification enabling access to richer on-demand real-time information for end-users.
  • API revisions: This allows having multiple revisions of a given version of an API. It enables developers to revise and test an API or API product without affecting current deployments supporting iterative development and improving consumer experience while keeping services up and running.
  • API analytics-as-a-Service: Offers rich new cloud-based analytics to let users see how their APIs and applications are being used by consumers enabling continuous targeted development of related consumer services based on real user insights.

Enhanced UX & Simplifying Workflows

This release provides an improved user experience for developers and admins with a new React-based console user interface.

  • A new console for developers and administrators (Beta) - The new console provides an excellent user-friendly UX offering an easy-to-follow, React-based user interface (UI) with pre-configured settings, templates to create applications, and wizards with easy-to-follow instructions.

  • Swagger/GraphQL to Postman Collection - Postman collections can be exported from the developer portal through the API try-out console, and then exported postman collections can be executed with the Postman tool, allowing users to quickly test APIs. This function is available for both REST and GraphqL APIs.
  • Figure 1

Security

  • Group and role separation - Enhanced role assignments now go beyond individuals and include entire groups, making it fast and convenient for administrators to assign roles to a set of users at one time coupled with role and group management via APIs.
  • Symmetric Key Encryption - Symmetric key encryption has been adopted as the default encryption mechanism to encrypt internal sensitive data resulting in better performance and lower impact on data migration.
  • Enhanced support and notable improvements around the CIAM use cases include:
  • Triggering SMS based verification on mobile number change
  • Enforcing uniqueness and regex validation for challenge-question answers to avoid risks arising from weaker answers
  • Auto-login of the user upon successful password recovery improving the account recovery experience
  • Revoking session bounded tokens on logout and session expiry events

Continuous Compliance Support

With this release, we maintain end-to-end compliance for leading open banking standards while enabling accelerated compliance to any emerging standard. 

The Open Banking Implementation Entity’s Open Banking Standard Version 3.1.5

  • Support management reporting version 3.1.5
  • Support the DCR API version 3.3
  • Updates to the Accounts, Payments, and Confirmation of Funds Service (CoF) APIs version 3.1.6
  • Support for the latest Customer Experience Guidelines, and Operational Guidelines.

The Berlin Group NextGenPSD2 XS2A Framework Implementation Version 1.3.6

  • NextGenPSD2 XS2A Implementation Guidelines version 1.3.6
  • NextGenPSD2 XS2A Interoperability Framework - Extended Services - Consent CoF V 2.0

The Consumer Data Standards Version 1.7.0

  • DCR 0.2
  • Regulatory Reporting Phase-2 (for Consumer data)
  • Get Metrics version 2
  • Upcoming support:
    • Consumer Data version 2 rule amendments ( consent amendment, JAMS integration)
    • Consumer Data Standards version 1.10.0 upgrade

Other Open Banking Standards

For all other standards, the WSO2 Open Banking Accelerator helps you secure compliance faster by minimizing your development work only to last-mile customizations built over our proven open banking technology. 

New With This Release for Our Partners 

Capture the Open Banking Opportunity in Any Market—The WSO2 Open Banking Accelerator 

The WSO2 Open Banking Solution is now delivered in a modular architecture enabling our partners to take the solution rapidly to any new market ahead of the competition. Similarly, this technology allows banks with the inhouse capability (or in partnership with their IT services solutions providers) to accelerate compliance.

With our Open Banking Accelerator:

  • Slash costs and time-to-market by avoiding building from scratch for each market leaving your developers to build only last-mile compliance customizations over our Open Banking Accelerator 
  • Deliver proven technology from day one 
  • Enjoy flexible partnership models that give you full control over pricing, branding, services and the customer relationship

The solution now includes:

  • WSO2’s core API Management and Identity and Access Management products at it’s foundation delivering the full capabilities of each latest release;
  • The WSO2 Open Banking Accelerator as a second layer, delivering the common core capabilities of open banking derived from global reference standards. These capabilities include consent management, client registration, strong authentication and FAPI-specific security profile extensions;
  • Connectors backed by enablement and documentation, support and reference code bases to build the last-mile of customisations (in the form of an Open Banking Toolkit) to meet each new local standard.
    • Figure 2

    Our new modular architecture helps you deliver compliance faster at a minimal cost

    Open Banking Toolkits delivering end-to-end compliance for OBIE’s Open Banking Standard, the Australian Consumer Data Standards and the Berlin Group NextGenPSD2 Implementation Framework are made available out-of-the-box and maintained by WSO2 for customers following these standards.

    WSO2 Open Banking 

    WSO2 Open Baning delivers comprehensive technology and strategic consultancy helping banks of all sizes execute standards-compliant, commercially successful open banking initiatives. With consistently updated documentation, highly responsive support and implementation services, and open banking consultancy, we help your teams understand both our technology and, importantly, how to deploy it most effectively to translate your open banking plans into live market solutions.

    Figure 3

    Figure 4

    WSO2 provides industry-leading technology to leading global banks, helping them to deliver personalized consumer experiences and to meet the needs of modern business