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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.

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.

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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Technologies we believe in for your digital transformation

At Yenlo you can choose from a range of major integration technology providers. Azure, Boomi, Mulesoft, WSO2, and our very own Yenlo cloud-based solutions. Find the right one for you.
API first, Open Standards first and Cloud first strategies are the starting point of everything WSO2 builds.
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Hybrid-cloud services for organizations that want to connect on-premise and cloud-based systems in one simple and visually stunning solution.
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The full range of cloud computing solutions under one roof for anyone from Fortune 500 companies to start-ups.
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One of the industry-leading solutions for your most complex integration challenges.
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InterSystems offers state-of-the-art technology that bridges the gap between current challenges and the intended interoperable future of Open Healthcare.
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Amazon Web Services offers a powerful and user-friendly service suite, supported by the reliability of Amazon Web Services – a world leader in cloud computing.
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The future of finance is here. Leap forward with Yenlo and gain access to untapped markets

The time to adapt and be ahead of the curve is now. With Yenlo’s bespoke Open Banking API-first approach your organization is empowered to shape the financial landscape. Get in touch to learn more about our state-of-the-art Open Banking solution.

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