Open Banking Architecture Pdf

Modern core banking solutions bring the ability to create innovative products and services rapidly and this transformation is imperative to remain competitive.

Open banking architecture pdf. To identify what the key requirements of an open banking platform are and how they can be implemented selecting the right technology is a top priority. Wso2 open banking was built by considering the standards and specifications that different regions and banks have. What does the future hold. 8 simplifying the banking architecture.

Wso2 open banking supports a technology stack that banks need in order to become psd2 compliant and digitally transformed. Figure 10 data governance architecture as a critical enabler data denition data acquisition data. In another study on key focus areas for transformation 47 of respondents stated core banking systems transformation as their topmost priority see exhibit 5. Implementing a successful open banking architecture is critical for a bank to fully leverage the benefits of open banking.

This echoes the design of the web itself and enables far greater scope for innovation. Data governance and architecture is a tightrope that organisations in the banking sector must navigate to realise the upside of unlocking information silos and to protect themselves from potential threats in an open banking environment. It leverages five key technology areas critical to a banking infrastructureapi management identity and access management integration analytics and business insights and fraud detection bundled together to form a componentized architecture. The open banking api should be built as an open federated and networked solution as opposed to a centralisedhub like approach.

Customer transaction data data that is presented to customers in their financial statements including underlying transaction history and data that relates to a customer.