Open Banking Architecture Pdf
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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.
Open banking architecture pdf. 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. This echoes the design of the web itself and enables far greater scope for innovation. Figure 10 data governance architecture as a critical enabler data denition data acquisition data. 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.
Transformation through soa service. In another study on key focus areas for transformation 47 of respondents stated core banking systems transformation as their topmost priority see exhibit 5. Wso2 open banking supports a technology stack that banks need in order to become psd2 compliant and digitally transformed. The open banking api should be built as an open federated and networked solution as opposed to a centralisedhub like approach.
What does the future hold. Modern core banking solutions bring the ability to create innovative products and services rapidly and this transformation is imperative to remain competitive. 1 define api reference architecture. Open banking readiness approach to help organisations get up and running with open banking and a response to the exploding api economy we have a range of offerings which focus on both business strategy and proposition design through to technology implementation.
Customer transaction data data that is presented to customers in their financial statements including underlying transaction history and data that relates to a customer.
