The 14th September 2019 is the deadline for EU’s Second Payment Services Directive (PSD2) Regulatory Technical Standards (RTS). With a third of banks having missed the previous March target, open source technology provider WSO2, has released WSO2 Open Banking to assist banks with facilitating PSD2 RTS compliance.

Not only does the feature carry new security levels, but it also has strong customer authentication (SCA) for electronic payment transactions.

Another benefit of the release is its support for electronic IDentification, Authentication and trust Services (eIDAS) to ensure secure electronic transactions, as well as it having rule-based fraud detection and dashboards for monitoring fraudulent transactions.

“empowering financial firms”

“Through WSO2 Open Banking, we have been empowering financial firms to clear the hurdles of open banking compliance quickly and then extend the new API-centric platform to create new data-driven services for strengthening customer engagement, generating new revenue streams, and accelerating growth,” said WSO2 President and COO Shevan Goonetilleke.

“The newest release builds on this commitment with new functionality for rapidly complying with the PSD2 RTS deadline and updated API standards for Europe and the UK, as well as enhancing the analysis and management of the APIs at the heart of open banking initiatives.” The president and COO continued.

Accelerating Compliance with WSO2 Open Banking

WSO2 Open Banking is purpose-built to domain expertise and align technology infrastructure, which acknowledges the tech requirements for open banking compliance.

Additionally, the software components of the feature are built on a single, componentised API-centric framework. This flexibility enables banks to quickly act to customer needs and respond when required.

The hybrid integration solution allows it to run on-premises or in the cloud, meaning financial institutes can have full deployment flexibility.