Hanseatic Bank: Connext solution for Open Banking
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Meet the game-changer that is drastically transforming financial services. Meet PSD2, Revised Payment Service Directive. A challenge to many banks, including Hanseatic Bank that took this opportunity to improve their services. In short, PSD2 enables bank customers, both consumers and businesses, to use third-party providers to manage their finances. This set of Open Banking standards, for banks to comply with, was set by the European Commission.
One of the many banks impacted is the German Hanseatic Bank, which specializes in four core business areas: consumer credit, deposit, insurance and factoring. Since 2005 this private bank is largely owned by Société Générale, promoting an open approach to develop offers and client satisfaction. Hanseatic Bank took up the challenge and started their Open Banking journey.
Hanseatic Bank recognized the opportunities for competitive advantage presented by these Open Banking API standards. This compliancy is a possibility to improve time-to-market and enable new business models.
However, the Hamburg-based private bank also felt a huge responsibility towards their current and future customers to protect their user data. To achieve this, Hanseatic Bank would need an integration partner that could work time efficient in order to meet deadlines set by the European Commission.
Since PSD2 is a regulation rather than a standardization of the API itself, the solution would have to be adaptable, setting just the right technology infrastructures. In a safe cloud environment, with regard to the bank’s current IT processes.
“In order to comply with the Open Bank API standards, we decided to work with WSO2 technology. Yenlo was selected as the system integrator because of their extensive WSO2 experience. Together we created an efficient, scalable and secure Open Banking platform”.
MICHAEL LUFT, HEAD OF IT AT HANSEATIC BANK