Open Banking
Solution Roadmap
Updated 1H 2019
- Updates to the Open Banking UK API Specification
Support for the Open Banking UK API Specification as new versions are released.
- Updates to the NEXTGEN PSD2 specification by the Berlin Group
Support for the NEXTGEN PSD2 as new versions are released.
- Compliance with Australia’s Open API Framework
WSO2 Open Banking will support Australia’s Open Banking technical standard with subsequent updates when new versions are released.
- Addition of dashboards for Business Insights (BI)
These dashboards can be used by banks to monitor API usage and identify insights for business expansion through the open banking ecosystem.
- Compliance with Open API Standards for Mexico
WSO2 Open Banking will support Mexico’s Open Banking API standard with subsequent updates when new versions are released.
- Compliance with other regional Open API standards
To support the adoption of global open banking, WSO2 Open Banking will support regional open API standards as and when available.
- Solution extensions for additional third-party services
Enable banks to extend their open banking implementations to consume APIs from other banks on behalf of their customers. This allows them to understand their customers more holistically and provide better banking services based on a customers consolidated financial information.
Overview
Open Banking requires that providers of banking services open up their customer data to accredited Third Party Providers via APIs. It was introduced to remove the monopolies of financial markets and encourage greater competition and improve customer experience. Starting with PSD2 compliance and Open Banking regulations in EU and UK last year, the Open Banking regulation has now moved into Australia, Hong Kong, Singapore, Mexico. Israel and more.
The immediate perceptions towards Open Banking were negative. Banks had concerns that their identity and value-add could be lost, and they would be reduced to being commodity providers. However, as more education around Open Banking is created, customers are seeing its advantages and banks are looking at Open Banking in a more positive light. Banks now view Open Banking as the best way to initiate their journey towards digital banking. This shift in thinking has resulted in many banks in non-regulated regions like Singapore, South Africa and Brazil voluntarily opening up their APIs to leverage the benefits of Open Banking.
Vision
WSO2 Open Banking is designed to help banks of varying sizes, architectures, technology needs and priorities progress towards a faster and hassle-free path to compliance. Our experience runs deep with core Open Banking technologies such as API Management, Identity and Access Management, Enterprise Integration and Analytics. We combine it with domain expertise to help global financial services organizations create stellar Open Banking solutions.
In helping solve Open Banking challenges, our approach also lays the foundation for digital banking - helping financial institutions become more API-driven, interact more friction-free with business partners, and shift to a more agile IT infrastructure.
Disclaimer
The content herein is shared in order to outline some of our current product plans but it is important to understand that it is being shared for INFORMATIONAL PURPOSES ONLY, and not as a binding commitment, promise or legal obligation to deliver any material, code or functionality. Any references to the development, release and timing of any products, features or functionality remains at the sole discretion of WSO2. Product capabilities, timeframes and features are subject to change.