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Open APIs - Open Banking - Digital Transformation


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Technology continues to be a driving force behind the progression and innovation of the financial services sector. The UK’s Open Banking initiative, coupled with recent legislative changes, will give customers greater clarity, control and ownership of their data, opening the sector to further innovation.

This session was presented by Seshika Fernando, Head of Financial Solutions at WSO2 at Tech UK's event on Open Banking, PSD2 and the Cyber Challenges Facing the Financial Services Sector

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Open APIs - Open Banking - Digital Transformation

  1. 1. Going the Extra Mile Open APIs – Open Banking – Digital Transformation Seshika Fernando Head - Financial Solutions WSO2
  2. 2. ABOUT WSO2 2 Mountain View, New York, London, Sao Paolo, Colombo Founded in 2005 Venture backed by Cisco and Toba Capital 450 Employees; 300 Engineers 400+ Customers, 175 New Customers in 2017
  3. 3. OPEN TECHNOLOGY FOR AGILE DIGITAL BUSINESS 3 Build internal and external developer ecosystems with an API marketplace. Manage identity, security, and privacy across your digital business. Make mobile and IoT devices integral to your digital business. Create real-time, intelligent, actionable business insights and data products. Platform enable your digital business with “micro-services” and “micro-integrations”.
  4. 4. Open Banking and PSD2
  5. 5. Beyond Compliance – Market Expansion Bank A Bank B Bank C Merchant Consolidated customer account and payment info across multiple Banks TPPTPP
  6. 6. Beyond Compliance - New Revenue Streams Consolidated customer account and payment info across multiple Banks Bank A Bank B Bank C Merchant TPP
  7. 7. Reality ● Legacy core banking systems and challenges in exposing data via APIs ● Existing IAM solution incapable of SCA and Consent Management ● APIM or IAM focus without seeing the broader benefits ● Lack of consensus between specifications making API integration impossible Quick fix compliance solutions’ inability to cater to DT needs
  8. 8. Need of the hour ● Technology preconfigured for full compliance as well as business expansion ● Standards-based API-M/Integration interoperable with COTS or bespoke tech ● Minimum impact/changes to existing internal systems and B2B integrations ● Ability to implement through Bank’s / TPP’s preferred local partners ● Structured training programs for IT staff ● Ability to seamlessly cater to evolving regulations and business priorities
  9. 9. 1. Strong Customer Authentication (SCA) API Management API Security + SCA Consent Management TPP Onboarding API Analytics PSD2 Compliance API Integration Fraud Detection Transaction Risk Analysis API Analytics Dashboards TPP Provider Web/Mobile App Suite Business Insights Insight Sales Required Integration Digital Transformation WSO2 Open Banking
  10. 10. THANK YOU