WSO2 upgrade Open Banking platform to support new API standards

Source: WSO2

Banks and financial institutions across the European Union (EU) and United Kingdom (UK) are sprinting to meet the EU’s Second Payment Services Directive (PSD2) Regulatory Technical Standards (RTS) deadline on September 14, 2019.

With the newest release of WSO2 Open Banking, WSO2 adds significant new security features aimed at facilitating PSD2 RTS compliance:
• Support for electronic IDentification, Authentication and trust Services (eIDAS) to ensure secure electronic transactions
• Strong customer authentication (SCA) for electronic payment transactions
• Rule-based fraud detection and dashboards for monitoring fraudulent transactions

Additionally, WSO2 Open Banking now supports new versions of the two most widely used API standards for PSD2 compliance: NextGenPSD2 API 1.3 from the Berlin Group standards initiative and Open Banking UK API 3.1.1. Both standards mandate how Accounts, Payments, and Confirmation of Funds requests are handled.

“Through WSO2 Open Banking, we have been empowering financial firms to clear the hurdles of open banking compliance quickly and then extend the new API-centric platform to create new data-driven services for strengthening customer engagement, generating new revenue streams, and accelerating growth,” said WSO2 President and COO Shevan Goonetilleke. “The newest release builds on this commitment with new functionality for rapidly complying with the PSD2 RTS deadline and updated API standards for Europe and the UK, as well as enhancing the analysis and management of the APIs at the heart of open banking initiatives.”

Accelerating Compliance with WSO2 Open Banking
WSO2 Open Banking is purpose-built to align technology infrastructure and domain expertise with regulatory needs to fully address the technology requirements for open banking compliance. It includes comprehensive API management functionality with the proven ability to handle billions of API calls daily, robust identity and access management (IAM), extensive API monitoring, comprehensive data and services integration, and pre-defined API specifications designed to comply with regulatory requirements.

All software components of WSO2 Open Banking are built on a single, componentised API-centric framework. This provides banks with the flexibility to mix third-party technology components with the WSO2 platform and extend it into their API-led digital transformation efforts. As a result, banks are perfectly positioned to respond to consumer needs quickly and improve their competitive position.

Because the hybrid integration solution can run on-premises or in the cloud, financial institutions have maximum deployment flexibility. WSO2 Open Banking also includes professional services from subject-matter experts who have successfully implemented solutions at some of the world’s largest financial institutions.

In addition to the new functionality supporting PSD2 RTS compliance, the latest release of WSO2 Open Banking offers a number of features aimed at enhancing the experience of a bank’s software developers. These include Open Banking Business Intelligence (OBBI), featuring API analytics and functionality for TRA validation, as well as new REST APIs for WSO2 Open Banking operations, among others.

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