Advanced Open Banking Empowering Modern Financing

Banking CIO Outlook | Friday, August 23, 2019

Innovation and creativity will continue to alter the landscape of interaction between clients and banks.

FREMONT, CA: Banks and financial institutions across the European Union (EU) and the UK are aiming at complying with the EU's second Directive on Payment Services (PSD2) Regulatory Technical Standards (RTS). WSO2 brings important fresh safety characteristics with the latest release of WSO2 Open Banking.

Also, WSO2 Open Banking now promotes new versions of the two most commonly used PSD2 compliance API standards- the Berlin Group standards Initiative NextGenPSD2 API 1.3 and the UK API 3.1.1 for Open Banking. Both standards mandate how to handle requests for accounts, payments, and confirmation of funds. In relation to the new functionality promoting PSD2 RTS compliance, WSO2 Open Banking's recent release provides several characteristics designed to enhance the experience of software developers in a bank. These include, among others, Open Banking Business Intelligence (OBBI), which provides API analytics and TRA validation features, as well as new REST APIs for WSO2 Open Banking activities.

Open banking originates from the concept of open innovation, which focuses on the idea of broad knowledge sharing that encourages organizations to rely on external resources as well as share internal inventions outside the company. It allows third-party vendors in banking to use open APIs to help them build services around a financial institution.

WSO2 is the leading vendor of open source integration worldwide, helping digital-driven organizations to become agile integration. WSO2 solutions give businesses the flexibility to deploy applications and services on-site, on private or public clouds, or in hybrid environments and migrate easily as needed. Currently, using WSO2 integration technologies, hundreds of leading brands, and thousands of global projects perform over 6 trillion transactions annually. With this, businesses can rely on value-added services and get to market more quickly.

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