It has been a month since the European regulation regarding PSD2 and UK Open Banking went live. Our deck explores the journey that banks, regulators, and technology providers have taken to get to this point. If open banking is on your agenda, this is the perfect opportunity to learn from the first movers. This deck covers: - The Open Banking UK API Standard journey - Using the blueprint created by OBIE to move towards a data-driven economy - Customer challenges: How banks navigated regulatory and technology challenges to deliver open banking - Open banking technology: Capitalizing open banking technology for digital banking. Watch the webinar on-demand here - https://wso2.com/library/webinars/2019/10/thinking-back-and-looking-ahead-for-open-banking-perspectives-from-obie-and-wso2/

1. Open Banking:
Thinking Back and Looking Ahead
Seshika Fernando
Head of Financial Solutions
WSO2
Chris Michael
Head of Technology
OBIE, UK

2. Thinking Back

3. Open Banking UK API Standard — The Journey
2016 2017 2018 2019 2020
Sep 2016: OBIE formed Jan 2018: PSD2 comes into force
Mar 2019: APIs to be available for testing
R/W Standard v1
Sep 2019: PSD2/RTS deadline
Mar 2020: FCA adjustment period endsCMA9
implementation
R/W Standard v2
CMA9
implementation
R/W Standard
v3.1
CMA9 + other ASPSP
implementation
R/W Standard
v3.1.1 - 3.1.x
R/W Standard
v3.2.x
CMA9 + other ASPSP implementation
R/W Standard
TBC
AISP adoption
PISP adoption
Cont…

4. Update (as of end-Sep)
172
regulated providers
111
TPPs
61
ASPSPs
500
firms enrolled in total
including TSPs and those
awaiting authorisation

5. Successes and Lessons
Strong
Standards
(not just technical &
include conformance)
Market
Engagement
(customer focused &
transparent)
Trust
Framework
(ease of use,
discoverability, &
infrastructure to scale)

6. WSO2’s PSD2 Journey
STET
V1.3
JUN
NOV
JAN
FEB
MAR
APR
AUG
SEP
NOV
JAN
MAR
SEP
OBUK
V1.0
OBUK
V2.0
OBUK
V3.0
STET
V1.2
STET
V1.4
Berlin
1.0
Berlin
1.2
Berlin
1.3
OBUK
V3.1
Original PSD2
Deadline
External Testing
Deadline
Final Deadline
2017 2018 2019

7. Overcoming Challenges
Banks
Regulatory clarifications
CMA9 / non-CMA9
MI Requirements
TPPs
CMA9 / non-CMA9
Customer experience
(Lack of) conformance to
standards
Regulatory gaps, challenges
Evolving deadlines
Version upgrades
CMA9 / non-CMA9
Customer experience
(Lack of) conformance to
standards
All

8. Looking Ahead

9. OBIE: Plans for the Future
EVOLVE STANDARD
Ongoing minor fixes/updates
Cater to PSD2/RTS clarifications (90-day re-auth)
CMA Order (refunds, VRP)
CoP/CRM for PISP journeys
TPP guidelines
Premium APIs
GROW ECOSYSTEM
More ASPSPs and TPPs
TSP proposition
DMS

10. Kick-Start
Digital Transformation

11. Technology Components of Open Banking

12. Spaghetti Architecture

13. Multiple Identities

14. Siloed Analytics

15. Opening the Door for Digital Transformation

16. Innovation

17. Innovation
BETTER CUSTOMER JOURNEYS
Consolidated financial management - PFM, business accounting
Optimized asset creation - supports income validation and lending use cases
Better KYC to support onboarding - financial and non-financial use cases
Innovative payment methods - subject to scheme/commercial relationship
NEW BUSINESS MODELS
Banks as TPPs
API aggregators
Banking technology

18. THANK YOU
wso2.com