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Open Banking to Smart Data: The UK and Europe Journey

From PSD2 to the emerging Smart Data economy, WSO2 has helped UK and European banks move beyond compliance to build open, composable platforms ready for Open Finance and Smart Data.

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Built for the UK and EU, composably
delivered

As regulation evolves from PSD2 to Smart Data, you need a platform that evolves with it. WSO2 Open Banking brings APIs, consent, FAPI security, TPP onboarding, analytics, and bank integration into one composable platform built for the journey ahead.

Built for the UK and EU, composably delivered

Compliance expertise built over a decade

WSO2 has been a hands-on participant in Open Banking regulation since day one — not just implementing standards, but helping shape them.

Continuous compliance since PSD2

Providing uninterrupted Open Banking compliance since the beginning of PSD2, with full support for FAPI and ISO 20022 from the outset.

OBIE Technical Committees

Worked closely with OBIE Technical Committees to shape the UK Read/Write API specifications, and validated against the OBIE Conformance Test Suite.

Berlin Group Advisory Committee since 2019

Active member of the Berlin Group Advisory Committee since 2019, influencing NextGenPSD2 and PSD3 cross-border standards across Europe.

Expanded to multiple regions

From the UK and EU to Australia (CDR), the Middle East, Latin America, and beyond, WSO2 delivers region-specific compliance from a single composable platform.

The spec moved. We moved with it.

The Spec Moved. We Moved With It

Where open banking expands to smart data

Open Banking was just the start. The UK’s Smart Data initiative and the EU’s FIDA framework are expanding the data economy beyond payments into pensions, mortgages, insurance, and more. WSO2’s composable platform is built to support this evolution from Open Banking to a broader Open Finance and Smart Data ecosystem.

Live now
 

Variable recurring payments (VRP)

Enable sweeping and commercial VRP flows with full consent lifecycle management. Built ahead of mandate, ready to deploy today.

Roadmap
 

Open finance and smart data

Extend your data strategy beyond payments and accounts into pensions, mortgages, insurance, and the full Smart Data roadmap.

Questions you may have

Addressing strategic and technical concerns for UK and EU banking leaders.

Many first-generation solutions were built as compliance wrappers to meet early deadlines. They often lack the scalability for high transaction volumes and the flexibility to support new commercial standards like VRP. Banks are now prioritising platforms that offer lower TCO and better performance for the next phase of the ecosystem.

High TCO often stems from managing multiple disconnected vendors or high-maintenance in-house wrappers. Transitioning to a unified, purpose-built platform reduces integration complexity and the cost of frequent updates. Consolidating security, consent, and API management into a single orchestrated layer significantly lowers operational and infrastructure expenses.

Revenue can be generated by charging for premium APIs, enabling new embedded finance services with partners, offering enhanced data analytics, and providing specialized services to fintechs. Open Banking expands your revenue models beyond traditional lending and deposits.

The UK is moving toward Smart Data and Open Finance, covering savings, mortgages, and pensions. Flexible solutions built on universal API management and robust identity standards allow banks to extend existing infrastructure to new data sets without starting from scratch, turning a regulatory requirement into a foundation for new commercial products.

Migration risk is mitigated by using platforms that offer seamless mediation, mapping existing API contracts to the new platform so banks can transition without impacting TPP connections or customer workflows. This ensures zero downtime and maintains full compliance with the UK Open Banking Standard throughout the switch.

Absolutely. WSO2's modular architecture allows you to adopt individual components that solve specific pain points, whether that's a high-performance gateway, a more granular consent engine, or an upgraded SCA module. A componentised approach means you only implement and pay for what your current needs require.

Yes. WSO2 acts as a powerful orchestration layer, performing the complex data transformations required to turn legacy core data into compliant JSON payloads. This eliminates the need for expensive core banking upgrades, allowing you to meet high-performance API standards while fully leveraging your existing back-end investments.
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Resources to go deeper

White papers, case studies, and technical deep-dives from WSO2's decade of Open Banking expertise.

 

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