Open API Technology with Regulatory Expertise for Quicker Open Banking Implementations
Open banking has moved from being a regulatory obligation to a driver of competitive advantage. To thrive in this ecosystem, banks need to align their vision, culture, teams, and technologies to be customer-centric. While API management, security, and integration are the heroes of open API implementations, the speed and ease in which they work with a bank’s infrastructure is critical to its success.
Solution at a Glance
WSO2 Open Banking is a software and services solution that helps quickly satisfy open banking requirements for financial institutions. It provides the technology for
- Predefined API templates that support Open Banking UK, The Berlin Group, and STET API specifications
- Strong customer authentication that adhere to the Regulatory Technical Standards (RTS) for PSD2 compliance
- Transaction Risk Analysis based Adaptive Authentication
Third Party Services
- API integration with multiple banks and third parties
- Fraud detection
- API monetization to realize revenue opportunities of these third party services
in Financial Services
- Integration across third parties in and outside the financial domain
- Advanced analytics that support data-driven sales and marketing strategies
The WSO2 Advantage for Open Banking
Shorter technology implementation cycles that enable aggressive project deadlines
Combines core open banking technologies with domain and regulatory specific enhancements allowing project implementation from day 1.
Solution extensibility that reduces technology risk
Backed by the WSO2 platform, WSO2 Open Banking can scale your digital agility to meet evolving regulatory and business needs.