open apis - open banking - digital transformation

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Going the Extra Mile Open APIs – Open Banking – Digital Transformation Seshika Fernando Head - Financial Solutions WSO2

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Page 1: Open APIs - Open Banking -  Digital Transformation

Going the Extra MileOpen APIs – Open Banking – Digital Transformation

Seshika FernandoHead - Financial SolutionsWSO2

Page 2: Open APIs - Open Banking -  Digital Transformation

ABOUT WSO2

2

Mountain View,New York, London,Sao Paolo, Colombo

Founded in 2005Venture backed by

Cisco and Toba Capital

450 Employees;300 Engineers

400+ Customers,175 New Customers

in 2017

Page 3: Open APIs - Open Banking -  Digital Transformation

OPEN TECHNOLOGY FOR AGILE DIGITAL BUSINESS

3

Build internal and external developer ecosystems with an API marketplace.

Manage identity, security, and

privacy across your digital

business.

Make mobile and IoTdevices integral to

your digital business.

Create real-time, intelligent, actionable business insights and data products.

Platform enable your digital business with “micro-services”

and “micro-integrations”.

Page 4: Open APIs - Open Banking -  Digital Transformation

Open Banking and PSD2

Page 5: Open APIs - Open Banking -  Digital Transformation

Beyond Compliance – Market Expansion

Bank A

Bank B

Bank C

Merchant

Consolidated customer account and payment

info across multiple Banks

TPPTPP

Page 6: Open APIs - Open Banking -  Digital Transformation

Beyond Compliance - New Revenue Streams

Consolidated customer account and payment

info across multiple Banks

Bank A

Bank B

Bank C

Merchant

TPP

Page 7: Open APIs - Open Banking -  Digital Transformation

Reality

● Legacy core banking systems and challenges in exposing data via APIs

● Existing IAM solution incapable of SCA and Consent Management

● APIM or IAM focus without seeing the broader benefits

● Lack of consensus between specifications making API integration

impossible

Quick fix compliance solutions’ inability to cater to DT needs

Page 8: Open APIs - Open Banking -  Digital Transformation

Need of the hour

● Technology preconfigured for full compliance as well as business expansion

● Standards-based API-M/Integration interoperable with COTS or bespoke tech

● Minimum impact/changes to existing internal systems and B2B integrations

● Ability to implement through Bank’s / TPP’s preferred local partners

● Structured training programs for IT staff

● Ability to seamlessly cater to evolving regulations and business priorities

Page 9: Open APIs - Open Banking -  Digital Transformation

1. Strong Customer Authentication (SCA)

API ManagementAPI Security + SCAConsent ManagementTPP Onboarding API Analytics

PSD2 Compliance

API IntegrationFraud DetectionTransaction Risk Analysis API Analytics Dashboards

TPP Provider

Web/Mobile App SuiteBusiness InsightsInsight SalesRequired Integration

Digital Transformation

WSO2 Open Banking