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Open Banking and PSD2

The future of finance is API-driven.

The world of finance is on the cusp of a major reform. If you’re active in the financial industry, you’re likely well aware of the impact of innovations such as DeFi, Blockchain, FinTech and Artificial Intelligence on the way banking has been done for decades. One of the key drivers that will propel the further adaptation of these innovations is Open Banking. But how do you manage these integrations? In your challenge of navigating this new landscape and – providing proper solutions for your retail and enterprise clients – Yenlo and WSO2 have a dedicated Open Banking platform catered to your every needs.


PSD2, the regulation behind Open Banking

To answer what Open Banking is, we have to look at what is known as PSD2. The ‘second Payment Services Directive’ is a regulation that came into effect in the EU in 2015 and was implemented by European member states in 2017.

PSD2 redefines payment authorisation across the industry, resulting in three main benefits:

  • Increased customer rights;
  • Enhanced security through Secure Customer Authentication;
  • The ability for third-party providers (TPP) to access account information.

Whether through regulation or by choice, the core benefit of Open Banking is the ability for the industry to expand their current business model and create entirely new ecosystems that attract customers who otherwise weren’t even in their periphery.

What to look for in an Open Banking solution

There are three aspects to keep in mind when looking for your Open Banking solution. API-platform, Consent Management, strong Authentication. These aspects form the foundation of your integration solution.

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API-Management Platform

Collaborating with FinTech and other third-party providers becomes easy through the use of open-source APIs. Application Programming Interface (API) acts as a software bridge that enables multiple applications to ‘talk’ to each other. An API architecture combined with Open Banking allows; financial institutions to gain additional revenues from products and services; increases market share from other providers; and empowers banks to remain the cornerstone for financial solutions.

Consent management determines if the data that you store, collect and use is in compliance with data security regulations. Having a solid consent management platform is vital to protecting and securing information for your users and contributors.

Strong Authentication

Great, so now you have an API Platform able to process millions of data streams, you have a proper consent management platform that stores this data securely. Now how do you make sure that the right parties have access to the right parts of the platform. This is where a strong Authentication process comes in. It labels and authorises who has access to what.

WSO2 Open Banking and Yenlo

When it comes to API-Platforms and data security, WSO2 is the way to go. As the global leading enterprise platform for integrating APIs, applications, and web services; WSO2 provides the best possible integration software.

At Yenlo – as WSO2’s Top Partner – we provide the platform and enhance the serviceability for your Open Banking integration needs. Together, we have created a bespoke WSO2 Open Banking API-first solution that fits financial institutions, third-party-providers, and government bodies. Housed in a state-of-the-art Integration Platform as a Service solution: Connext.

With Connext Platform you’ll put your business at the forefront of Open Banking. The time to adapt and be ahead of the curve is now.

Request your WSO2 Open Banking demo

Hanseatic Bank – API-First Approach

Let’s look at a tried and tested example. One where an API-approach played an important part.

Hanseatic Bank is a Hamburg-based private bank and a showcase example of how the adaptation of an API-first approach propels the business. They recognized the competitive advantage that Open Banking brings. But in their search for a solution, Hanseatic wanted to both adhere to PSD2 regulations and ensure that the data of current and future customers was solidly secured. A customizable solution with a quick time-to-market, hosted in a safe cloud environment was the desired result. Therefore Hanseatic bank chose Yenlo’s Connext platform as the system integrator for their API-first approach.

A team of Yenlo WSO2 experts ensured the implementation, ongoing management, operations, and support of the platform. With Connext, Hanseatic now has all the benefits of a fully customizable, cloud-first, and agile Managed Middleware Platform.

As a result the bank has become flexible in expanding its service offering according to the rise of APIs in the market – as well as safeguarding all its clients data from one clear platform.

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