Open Banking
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:
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.
WATCH NOWHelping 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.
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
