Solution

Capabilities of WSO2 Open Banking

Overview

WSO2 Open Banking is a purpose-built solution for regulatory compliance. It helps align banking and regulatory needs with technology infrastructures and regulatory expertise to quickly satisfy compliance. It is assembled using a componentized architecture ensuring flexibility to meet different technology use cases. Built on top of a unified integration platform. WSO2 Open Banking helps banks become integration agile for any digital initiative beyond compliance.

WSO2 Open Banking leverages key technology areas critical to a banking infrastructure; API Management, Identity and Access Management, Integration, Analytics and Business Insights, and Fraud Detection bundled together in a componentized architecture. This gives the flexibility to reuse existing infrastructure, and banks only need to obtain the components that are not available in their current infrastructure.

API Management

  • Support for Open Banking UK, Berlin Group NextGenPSD2, and Australian Consumer Data Standards API specifications
  • API Security with OAuth 2.0 and Mutual SSL including the support for PSD2 eIDAS
  • API Publishing and Governance
  • API Throttling and Rate Limiting
  • API Monitoring and Monetization

Strong Customer Authentication (SCA)

  • Multi-Factor Authentication such as SMS OTP, Email OTP, and Biometrics
  • Support for OIDC - Dynamic Linking and Hybrid Flow
  • Adaptive Authentication
  • Capabilities to store, validate and revoke consents
  • Compliant with Open Banking UK, Berlin Group NextGenPSD2, and Australian Consumer Data Standards API specifications

Integration

  • Easy integration with core banking systems
  • Support for multiple protocols (REST, SOAP, and WebSocket) and message formats (JSON and XML)

Third Party Provider Onboarding

  • Automatic TPP onboarding
  • Workflow-based TPP onboarding

GDPR Compliance

  • Enhancements to consent management, user profile management, forget me, and cookie handling features

Additional Components

  • Risk Management
    • Fraud Detection
    • Transaction Risk Analysis
    • Alerts

WSO2 Open Banking | ©