Secure CDR Compliance & a Long-Term Competitive Edge

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Proven Accelerated Compliance with Australia’s Consumer Data Right (CDR)

With the CDR now in effect, Australian banks are racing to comply with the Consumer Data Standards before July 2021.

Our technology is already helping banks of all sizes in Australia meet evolving regulatory obligations and explore commercial use cases.

Here are some resources that can help you accelerate your programme:

Open Banking Australia: All Your Pressing Questions Answered
Understanding the Open API Specification for Australia
Cost-effective Open Banking Compliance for Australia
Try out the sandbox & demos for our global open banking solution

Customer Success Story

How WSO2 Enabled Open Banking at Société Générale International Retail Banking Services

Explore how Société Générale and WSO2's strategic partnership for open banking was able to overcome the difficulties that incumbent banks face when adapting quickly to market changes.

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Helping Australian Banks Comply Through a Single Technology Platform

WSO2 Open Banking is purpose-built for Australian banks to secure continuous compliance with the Consumer Data Right and rapidly explore commercial use cases ahead of the competition.

Helping Australian Banks Comply Through a Single Technology Platform

Secure APIs

  • API management security with OAuth 2.0 and mutual SSL or certificate validation
  • API publishing and governance
  • API throttling and rate limiting
  • API version management

Third Party Data Recipient Onboarding

  • Automatic and manual workflows
  • Ability to handle requests based on accreditation level and approval processes

Developer Portals Providing Access to Sandbox Environments

  • API Sandboxes that mimic production API portals
  • Easily promote third parties from sandbox to production based on ready-ness
  • Notify third parties of upcoming API versions

Strong Customer Authentication and Exemptions

  • SMS/Email OTP, FIDO, DUO, MePIN and Biometric
  • Support with dynamic linking and OIDC hybrid flow support
  • Adaptive authentication to exempt authentication based on behavioural aspects

Consent Management

  • Managing consumer consents held by data holders and data recipients
  • Capabilities to store, validate and revoke consent
  • Ability to provide granular consents based on account type, access type, time period
  • Self-service dashboards for consumers, and bank staff acting on their behalf, to view and revoke consents

Anomaly Detection, Regulatory Reporting & Insights

  • API usage analytics including real time detection of anomalous activity for regulatory reporting purposes
  • API monitoring and monetization capabilities through dashboards
  • Business insights based on API usage metrics

Integration to Core Banking Systems

  • An integration layer that supports multiple protocols (REST, SOAP, WebSocket) and message formats (JSON, XML)

Why have Australian banks chosen WSO2 Open Banking?

We'll help you comply with the regulation's Open API and security requirements

We are part of the Data Standards technical working group and follow the regulation closely. We will ensure that the open banking solution is updated as and when the specification and security updates are released. This frees your team’s time to focus on more pressing tasks.
Our technology model and team, work well with yours

We provide pricing and engagement models catering to banks of any size. We also provide training programs that get your teams up-and-running with our technology in record time.
We assist in communicating the benefits of open banking to your customers

Our work with Australian and European banks revealed key concerns consumers have with open banking. We’ll use these as examples and draw on our experience to help you build trust among your customers. The earlier you educate your customers, the more trust you build in them.
Use us to prepare for digital banking initiatives in Australia

As open banking takes off, your customers will demand more services and products that make their lives easier. Your IT infrastructure needs to scale to meet these new demands. Our platform and domain expertise make us the ideal technology partner to help you become a market leader in digital banking.

Resources

ARTICLE
Understanding the Open API Specification for Australia
ARTICLE
APIs and Beyond - Getting Your Technology in Place for Open Banking Australia
WHITE PAPER
Open Banking Australia: All Your Pressing Questions Answered
WHITE PAPER
Beyond Open Banking Compliance: The Road to Digital Banking
ARTICLE
Cost-effective Open Banking Compliance for Australia
WHITE PAPER
Open Banking in Australia: The Customer-driven Business Opportunity You Were Waiting For
ARTICLE
Everything You Need to Know About Complying with Open Banking in Australia
On-Demand webinar
Open Banking in Australia - An Open Forum
Slides
Bringing Regulation and Technology together for Digital Transformation
ARTICLE
9 Consumer Dilemmas: How Open Banking in Australia Affects You and Me
On-Demand webinar
An Entry Point to Impactful Open Banking Architecture
On-Demand webinar
Achieving CDS Compliance While Boosting Your Open Banking ROI

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