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Open Banking - Bringing Regulation and Technology together for Digital Transformation

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The Consumer Data Right and Open Banking initiatives are leading sweeping changes for financial services and the wider economy. Featuring global and cross-industry perspectives, Open Banking Australia on 26 September in Sydney, gathers industry decision-makers to discuss economy-wide interconnections and how to succeed in the new open banking environment

WSO2 is a lead partner of this event. Seshika Fernando, head of financial solutions at WSO2, will deliver a session on “Open Banking: Bringing Regulation and Technology together for Digital Transformation”. Seshika’s talk with cover the following:

The continental journey of Open Banking: Synopsis of regulations in UK, EU and Australia
Why Open Banking is a Digital Transformation opportunity in disguise
Building an open banking strategy for long-term success
The winning technology mix for Digital Transformation through Open Banking

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Open Banking - Bringing Regulation and Technology together for Digital Transformation

  1. 1. Open Banking Bringing Regulation and Technology together for Digital Transformation Seshika Fernando Head of Financial Solutions WSO2
  2. 2. WSO2 At-A-Glance 2 $25m Sales in 2017 53% YoY growth 450+ Customers, 175 New Customers in 2017 Open Source Founded 2005, Backed by Cisco and Toba Capital Colombo, London, Mountain View, New York, São Paulo, Sydney 500+ Employees (300 Engineers)
  3. 3. Consumers Deserve their Own Experience
  4. 4. Consumer Banking Corporate Banking Financial Data Aggregators
  5. 5. Open Banking ● securely expose ● customer data ● with customer consent ● to regulated third parties ● via APIs
  6. 6. Open Banking
  7. 7. • RTS got delayed • Regulatory Authorities were not properly setup • Country deadlines got extended • Different bank tiers: different implementations • No standard specification What really happened in Europe
  8. 8. Open Banking in Australia
  9. 9. • How do I get my arms around the regulation? • Does it require a complete technology overhaul? • Will it break the bank? • Are Third Party Data Receivers the enemy? • Will I lose my customers? Pressing questions that need answering
  10. 10. Who? How? Why? It affects each stakeholder differently (Banks, Data Receivers, Consumers) Open Forum Work with vendors and partners who understand the regulation Understand business benefits beyond compliance Understanding the regulation
  11. 11. Data Sharing via Open APIs Security Customer Experience Change Management Strategy Must have Technology For Open Banking ○ TPP accreditation validation & onboarding ○ Sandbox & production environments and Tooling ○ API lifecycle management, creation, versioning and security ○ Data Security ○ Strong Authentication ○ Consent Management
  12. 12. Tips to bring down the cost Integration LayerUse and Reuse Purpose Built One Vendor Experts
  13. 13. Third party data receivers are not the enemy
  14. 14. Ambitious but exciting future
  15. 15. Customer centric Banking
  16. 16. • WSO2: https://wso2.com/ • Open Banking for Australia: https://wso2.com/solutions/financial/open-banking/australia/ • Playground: https://openbanking.wso2.com/ • Open Banking Australia: Whitepaper https://wso2.com/whitepapers/open-banking-australia-all-your-pressing-questions- answered/ Resources
  17. 17. THANK YOU wso2.com

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