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A purpose-built technology platform for global open banking

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.

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Solution at a Glance

WSO2 Open Banking leverages WSO2 API-first integration products to form a purpose-built solution to satisfy the full technology requirements of global open banking.

API templates to support open banking standards including those from the UK, the EU, Australia, Brazil & Mexico

Built-in FAPI certified API security including OAuth2 & eIDAS certificate validation

Third Party Provider On-Boarding

Strong Customer Authentication and Consent Management

API analytics & business insights with dashboards and data reporting capabilities

Integration points to core banking systems

General Data Protection Regulation (GDPR) compliant solution

Transaction Risk Analysis and Fraud Detection

Open Banking

The WSO2 Advantage for Open Banking

  • Reduces Outcome Risk: Built on top of renowned WSO2 products endorsed by global analysts and customers, which reduces outcome risk

    WSO2 Open Banking combines the strengths of WSO2 API Manager, Enterprise Integrator, IAM and Streaming Analytics which serve 600 global customers. Analysts like Forrester and Kuppingercole have ranked WSO2 as market leaders.

  • Faster Regulatory Response: A concentrated open banking effort results in faster response to changes in the open banking world

    A dedicated R&D team focuses on keeping the solution updated with the latest versions of Global API Standards such as the Open Banking UK API Standard, NextGen PSD2 API Standard and the Australian CDR. This team is involved in extensive research around upcoming API specifications, which are added to the solution roadmap to meet relevant timelines.

  • Adaptable to support regionally diverse open banking visions: Through a commitment to the global open banking movement

    Our work with customers in regulated and non-regulated regions supported by our working relationships with regulatory bodies help us understand how to create technology to suit various open banking priorities.

  • Extensible Technology for Long Term Partnership: A complete platform for technology that extends beyond open banking

    Backed by the WSO2 Integration Agile Platform, WSO2 Open Banking can scale open banking initiatives and the subsequent projects to API-first digital initiatives all within a single platform.

  • Provides Implementation Efficiency: Componentized solution architecture customizable to meet varying open banking needs means a more efficient implementation

    WSO2 Open Banking is built on a componentized architecture that adapts to suit the business needs of financial institutes of all types and sizes.

Resources

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