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Getting your API Management Strategy on Point for PSD2 Compliance

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Successful PSD2 compliance is as good as your API management solution. Everyone from your compliance officer to your PSD2 project manager and your CTO needs to have complete trust in the API technology you use to achieve compliance.

WSO2 Open Banking leverages API management capabilities for an accelerated and secure compliance experience. Built to support key Open Banking standards, it comes with a set of API specifications that can get you started on compliance from day 1.

This webinar will cover:

An API management checklist for PSD2 compliance
WSO2 Open Banking capabilities for supporting Open API functionality
How a Third Party Provider (TPP) can leverage WSO2 Open Banking’s core offerings
How to leverage API analytics and API monetization for Open Banking
A demonstration of WSO2 Open Banking

Published in: Technology
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Getting your API Management Strategy on Point for PSD2 Compliance

  1. 1. WSO2 Open Banking Getting your API Management Strategy on Point for PSD2 Compliance Lalaji Sureshika Technical Lead, Financial Solutions
  2. 2. Agenda ● Recap on PSD2 ● EBA Mandated Requirements for API Management in a Compliance Solution ● An API Management Checklist for PSD2 Compliance ● API Management Capabilities of WSO2 Open Banking ● Demo
  3. 3. Payment Services Directive 2 EU Directive that applies to all Banks operating in the EU that regulates payment services throughout the EU, with a compliance deadline of January 2018
  4. 4. What does PSD2 change? Bank A Bank B Bank C Merchant TPP (PISP/AISP) PSD2 Bank A Bank B Bank C Merchant XS2A - Access to Account NowNow
  5. 5. EBA Mandated PSD2 Requirements ● Article 27 - Communication Interface ● Article 28 - Obligations for dedicated interface ● Article 29 - Certificates ● Article 30 - Security of communication session ● Article 31 -Data exchanges RTS SCA Assess and notify operational & security incidents based on ; ● Transactions Affected ● Service Downtime ● Payment Service Users Affected ● Economic Impact ● Other payment services affected more.. GL on Incident Reporting Guidelines for Payment Service Providers [PSPs] ● Risk Assessment ● Protection ○ Data and Systems Integrity & Confidentiality ○ Access Control ● Detection GL on Security Measures
  6. 6. API Management Checklist for PSD2 Compliance Implement API ● Integration points with core-banking system Design & Manage API ● Design and manage capabilities of an API ● Interactive documentation support ● Analytics on API usage , API availability & performance measures ● API Security API Governance ● API lifecycle management ● API versioning Consume API ● Third Party Provider (TPP) registration ● Secured API access by TPP ● Business insights on usage ● Notifications for TPPs
  7. 7. WSO2 Open Banking provides all the technology requirements that Banks need to create an “Open Banking” platform to be PSD2 compliant and as a result become a Digitally Transformed Bank. API Specification ○ API Definitions ○ WSO2 Open Banking Customer TPP (AISP/PISP) FinTech Merchants Core Banking Internal Payment Services Bank Internal Network ISO 8583 (TCP/IP) HTTP HTTPS Other Banks HTTPS
  8. 8. WSO2 Open Banking - API Management Capabilities ● API Specifications Predefined API templates for : ○ Open Banking UK specification ○ STET API specification ○ Berlin Group NextGenPSD2 Or ○ Any custom API specification
  9. 9. WSO2 Open Banking - API Management Capabilities ● Support for Different API Types ○ Private APIs - Within the bank ○ Partner APIs - Establish with the bank and a specific TPP ○ Open APIs - Open APIs to all trusted TPPs ● API Lifecycle Management ● API Security - OAuth2 ● Define API Policies - Throttling ,Access Control, Transport, API resources ● Trigger alerts based on abnormal TPP usage, API health , backend core banking system issues
  10. 10. WSO2 Open Banking - API Management Capabilities ● TPP Accessible Developer Portal ○ TPP Onboarding ○ Explore APIs ○ Consume APIs with swagger ○ Provide access to sandbox and production API environments ● Integration points with core banking systems and other internal banking services ○ Supports different message protocols [ HTTP, TCP] , message types [REST/JSON] and message formats [ISO 8583, ISO 20022] ● API Monetization to create various revenue models ● API Analytics & Business Insights with dashboards
  11. 11. WSO2 Open Banking Offerings for TPPs ● Onboarding Process ● Establish Secure Communication ● Explore and try out bank APIs ● Setting up sandbox testing ● Setting up production ● Acknowledge new API versions ● Business Insights
  12. 12. Demo
  13. 13. Login & Add Bank Login Page 2 Factor Authentication Customer Consent Initiation account info 1 2 3 4 302 5 Token 6 Get Accounts Information AISP Account Initiation -Process Flow
  14. 14. Payment Initiation -Process Flow Credits to Dinosoft Labs from Noun Project Checkout Item Login Page 2 Factor Authentication Customer Consent Initiation payment info 1 2 3 4 PISP 302 5 Token 6 Payment Complete 7 Settlement
  15. 15. WSO2 Open Banking ● API Manager ● API Security + SCA ● API Analytics ● API Monetization PSD2 Compliance ● API Integration ● Federated Authentication ● Fraud Detection ● API Analytics ● Dashboards TPP Provider ● Web/Mobile App Suite ● Insight Sales ● Required Integration Digital Transformation
  16. 16. Resources More Information - http://wso2.com/solutions/financial/open-banking/ Try out WSO2 Open Banking - https://openbanking.wso2.com On Demand Webinars - https://wso2.com/library/webinars/2017/09/open-banking-moving-banks-beyond-the-norm/ http://wso2.com/library/webinars/2017/08/wso2-open-banking-digital-transformation-through- psd2/ Open Banking Whitepaper - http://wso2.com/whitepapers/digital-transformation-through-psd2-and-open-banking/
  17. 17. Thank You!

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