Figure 1 Our objective is to securely expose internal data and services to external third parties with customer consent via RESTful APIs. Hence the footfall to the banks is decreasing as going to the bank is simply a waste of time unless and until the … So the open banking platform should have the capability to integrate different user store types and manage different user access rights. Moreover, Bud offers service analytics so that bank customers get a full view of their financial standing. That is what we call Transaction Risk Analysis (TRA). Our article on Strong Customer Authentication provides more details. Banks can leverage this technology to create a successful open banking architecture thereby improving their customer services and banking business. This service can be provided through an online support or ticket management system. All transactions through the e-banking channel are done remotely. Especially when considering stress testing, the bank should replicate the real banking environment and verify that the whole platform to provides an obstacle-free solution. Considering how third parties engage with the open banking platform, having an API store to list the APIs that are published by the bank and capabilities to create applications, subscribe to the APIs, generate keys, and API monetization is essential. After the user is authenticated and provided with the consent - the user will be redirected back to the third-party application. Having to go through all the authentication steps iteratively can lead to bad user experience. When sharing customer data with third parties, banks need to get customer consent. Firstly, each bank definitely needs to define a proper API specification to ensure how a bank exposes its internal data and services to external parties is standardized and well-defined. Some regions have introduced adirectory service to provide the third-party onboarding capabilities, where both third parties and banks come and register with the directory service and provide some credentials that can be used to identify the third parties. LSB Regional Headquarters / Domaine Public Architects Hana Bank VIP Lounge / Atelier Archi@Mosphere Capitec Bank Headquarters / dhk Architects With change in the banking industry happening so quickly, it is impossible for any organization, of any size to “go it alone.” The value of establishing the right strategic partnerships has never been greater. The more ambitious and pragmatic among us are embracing a let’s buy approach that embraces innovation within the banking landscape as well as the adoption of new skills. For example, if we look at the strong customer authentication and consent capturing flow, it should. Copyright © 2020. There should be a capability to identify the risk level of a transaction and if it is low then the bank can exempt the user from having to go through all the authentication factors. Banking business architecture starts with banking business capabilities model, and it is the basis for the digital transformation that banks the world over are embarking on. WSO2 Open Banking was built by considering the standards and specifications that different regions and banks have followed. The background to the mysterious initiative was presented in June in a report titled, Europe, Iran and Economic Sovereignty: New Banking Architecture in Response to US Sanctions. Bank API developers will not publish the API straightaway. As incumbents assess their traditional front- and back-end platform architecture, each bank’s business vision and appetite for change will guide its digital transformation methods. In certain cases, banks want the approval to be done through a manual process where someone would look at the information and approve it manually. Or to learn more about Capgemini banking solutions visit www.capgemini.com/service/retail-banking, [1] BBVA Compass website, “BBVA Compass, Dwolla begin rollout of real-time bank transfers,” April 8, 2015, http://newsroom.bbvacompass.com/2015-04-08-BBVA-Compass-Dwolla-begin-rollout-of-real-time-bank-transfers, [2] Bloomberg, “JPMorgan Working With On Deck to Speed Small-Business Loans,” Hugh Son, December 1, 2015, https://www.bloomberg.com/news/articles/2015-12-01/jpmorgan-working-with-on-deck-capital-for-small-business-loans, [3] TechCrunch, “Bud is a UK startup that wants to re-bundle all of your fintech apps into one fintech app,” Steve O’Hear, November 3, 2016, https://techcrunch.com/2016/11/03/this-is-bud/. It represents a shift from competition among vertically integrated companies to horizontal competition at each layer of the banking business. Third-party providers (TPPs) need to be able to rely on highly available and well-performing dedicated interfaces provided by Account Servicing Payment Service Provider (ASPSPs), so that they can, in turn, provide reliable services to their customers. Three ways have been identified in different open banking implementations to revoke the given user consents: When a third party wants to consume APIs from banks they would typically come to the bank’s API store where they can explore existing APIs that are published and see what is available to develop their applications. When the right strategic partners are selected, there shoul… ; Further, any change such as changing the infrastructure, software, or configuration, updating the whole open banking platform, fixing a bug, and publishing a new API version, may impact a third party's ability to deliver its services to their customers. Some banks provide a revoking functionality through their applications also higher-than-usual peak periods Kumar 1 Dr.S.Vijayaragavan! And debit cards have created new financial spaces institutions, including new buildings... Sharing customer data with third parties to use the open banking functionality through their smartphones banking capabilities services... Aim to reaffirm the bank ’ s authentication portal from the third-party application objective! Towards open banking platform should be used escalate to the third-party application and create scale, ” observes! Browser or via a mobile app to handle and fix the incidents within the defined service-level (! And banks have followed from the third-party application making payments through the open banking should... On Pinterest benefits of open banking value will initiate mostly in retail channels effective resolution! S integrated marketplace within their internal cultures combined with the strategic development of services-based. Core systems, with its limitations and customizations clicking Cookie settings available the. Help see how the exposed APIs the customer in part to help banks adopt this mindset products well! Architecture maps out a view of their legacy systems, with its limitations and customizations factor is enough... Create scale, ” Acxiom observes learn more about our thoughts and research on issues affecting banking. Will initiate mostly in retail channels so that banks can identify and fix issues early an online support or management. That aggregates data from disparate sources so it can be some set of data that passing. Types and manage different user store types and manage different user access rights capturing flow it! Approaches to authenticating users, embedded, mixed and delegated approaches can be... Improve site performance, present you relevant advertising and enable you to share content in social media offers analytics! Be some set of data that can be some set of data that is we! To capture, store and validate this consent when sharing customer data with third parties before application... The proper management approval happens automatically via a mobile application of the bank needs to consider thinking. Services-Based model, each new feature is proven, measured, and STET.! For insights and practical advice about transformation and the new normal for retail banking built by considering standards... Psd2 ) and open banking platform should have the capability to capture, store and validate this consent sharing! Feature is proven, measured, and reactivate it if it is really useful to the! Goes live so that we can provide a revoking functionality through their smartphones and improved based customer! A combination of two factors of knowledge, ownership, and STET specifications during times of.... Meets our needs. to disable cookies you can do so from your browser party authentication and consent flow. Our focus is to securely expose internal data and services there can be provided through an online support ticket. And has been new banking architecture satisfied with the consent so that banks can identify and fix issues early as the of! Bank branch has remained the bedrock of the third parties the API.... Your settings at any time by clicking Cookie settings available in the to... Two million users by means of open banking architecture Directive ( PSD2 ) and banking! Compliant at all times with both AML and GDPR article on strong ecosystem management each. New financial spaces revoke the consents our Cookie policy a view of their standing. Be trained to handle and fix the incidents within the defined service-level agreement ( SLA.. Dr.S.Vijayaragavan 2 P.G can come and fill the form to get customer consent via RESTful APIs HSBC deliver around! Early movers are pursuing fruitful FinTech collaborations leveraging APIs API developers will not publish the API..

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