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Winning the battle and the war: API Management for Compliance and Digital Transformation

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Technology mandated by regulatory bodies, is serious business. That is what API Management is to PSD2. And that is why PSD2 and Open Banking should extend beyond 2018 and become part of your long term strategy for success.
This session will cover

From the horse’s mouth: What bank’s are telling us about their race to comply
Thinking beyond 2018: Building an open banking strategy for long term success
Concept to Reality: Realising the Digital Transformation opportunities of Open Banking

Published in: Technology
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Winning the battle and the war: API Management for Compliance and Digital Transformation

  1. 1. Head of Financial Solutions, WSO2 Winning the Battle and the War API Management for Compliance and Digital Transformation Seshika Fernando
  2. 2. No One Really Wants To Do Banking
  3. 3. 3 Go on Vacation
  4. 4. 4 Buy that Dream Home
  5. 5. 5 Educate Children
  6. 6. Banking is the Means to an End
  7. 7. PSD2 Mandates Banks to - securely expose - customer financial data - with customer consent - to regulated third parties - via APIs
  8. 8. Account Information Aggregation Bank A Bank B Bank C Now
  9. 9. Payment Initiation Bank A Bank B Bank C Merchant Now TPP (PISP) PSD2 Bank A Bank B Bank C Merchant
  10. 10. • API Management – APIs – Third party onboarding – Threat/misuse detection – Analytics Technology Requirements for Compliance • Identity and Access Management – 2 Factor Authentication – Adaptive Authentication – Secure API invocation – Consent Management
  11. 11. • Competitive dynamics • Business model and identity • Customer relationships • Revenue Banks’ are not happy Further Commoditized
  12. 12. ‘Consolidated Customer Financials’
  13. 13. Digital Transformation - Market Expansion Bank A Bank B Bank C Merchant Consolidated customer account and payment info across multiple Banks TPPTPP
  14. 14. Digital Transformation - New Revenue Streams Consolidated customer account and payment info across multiple Banks Bank A Bank B Bank C Merchant TPP
  15. 15. Becoming a Part of Customer Lifestyles
  16. 16. • Vision: Regulation vs. Business Opportunity • People: Concern for Compliance & IT vs. All • Culture: Take nothing for granted, keep innovating • Technology Recipe for Digital Transformation Ingredients
  17. 17. Technology
  18. 18. WSO2 Open Banking ● API Manager ● API Security + SCA ● API Analytics ● API Monetization PSD2 Compliance ● API Integration ● Fraud Detection ● API Analytics ● Dashboards TPP Provider ● Web/Mobile App Suite ● Insight Sales ● Required Integration Digital Transformation http://wso2.com/solutions/financial/open-banking/
  19. 19. Seamless Journey to Customer’s End Goal TPP ????
  20. 20. wso2.com THANK YOU

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