Technology continues to be a driving force behind the progression and innovation of the financial services sector. The UK’s Open Banking initiative, coupled with recent legislative changes, will give customers greater clarity, control and ownership of their data, opening the sector to further innovation. This session was presented by Seshika Fernando, Head of Financial Solutions at WSO2 at Tech UK's event on Open Banking, PSD2 and the Cyber Challenges Facing the Financial Services Sector

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

2. ABOUT WSO2
2
Mountain View,
New York, London,
Sao Paolo, Colombo
Founded in 2005
Venture backed by
Cisco and Toba Capital
450 Employees;
300 Engineers
400+ Customers,
175 New Customers
in 2017

3. 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 IoT
devices 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”.

4. Open Banking and PSD2

5. Beyond Compliance – Market Expansion
Bank A
Bank B
Bank C
Merchant
Consolidated customer
account and payment
info across
multiple Banks
TPPTPP

6. Beyond Compliance - New Revenue Streams
Consolidated customer
account and payment
info across
multiple Banks
Bank A
Bank B
Bank C
Merchant
TPP

7. 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

8. 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

9. 1. Strong Customer Authentication (SCA)
API Management
API Security + SCA
Consent Management
TPP Onboarding
API Analytics
PSD2 Compliance
API Integration
Fraud Detection
Transaction Risk Analysis
API Analytics
Dashboards
TPP Provider
Web/Mobile App Suite
Business Insights
Insight Sales
Required Integration
Digital Transformation
WSO2 Open Banking

10. THANK YOU
wso2.com