All banks in Europe and the UK were required to have their open banking setups ready for external testing by March, 2019. If you couldn't meet this deadline, we can help.

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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WSO2 Open Banking for Australia

WSO2 Open Banking helps you comply with the Australian Open Banking regulation through a single technology platform. It is a purpose-built solution that provides all technology requirements for achieving complete open banking compliance.

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.

Open APIs

  • 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
  • Compliance with EU General Data Protection Regulation (GDPR)

Third Party Services

  • API integration with multiple banks and third parties
  • Fraud detection
  • API monetization to realize revenue opportunities of these third party services
  • Consolidated API analytics for business insights

Digital Transformation
in Financial Services

  • Integration across third parties in and outside the financial domain
  • Advanced analytics that support data-driven sales and marketing strategies
  • Web and mobile app suites that cater to customer needs in a single platform
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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