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.

WSO2 Open Banking for Australia

The countdown has begun for the financial services industry in Australia! The Big 4 Banks of Australia are up first - By July 1, 2019 they need to provide read access to customers data on credit and debit card, deposit, and transaction accounts. By July 1, 2020, the rest of the banks will open up access to the same data.

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

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

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

  • 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.

  • Reduces learning curves while increasing domain and regulatory expertise

    Includes a team of in-house subject-matter experts who work collaboratively with a bank’s IT team towards open banking project delivery.

  • 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.

  • A solution architecture that adapts to meet varying open banking needs

    A componentized architecture that can be mixed and matched to suit unique technology requirements for financial institutions of all sizes.

Interested in WSO2 Open Banking?

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