The Consumer Data Right and Open Banking initiatives are leading sweeping changes for financial services and the wider economy. Featuring global and cross-industry perspectives, Open Banking Australia on 26 September in Sydney, gathers industry decision-makers to discuss economy-wide interconnections and how to succeed in the new open banking environment
WSO2 is a lead partner of this event. Seshika Fernando, head of financial solutions at WSO2, will deliver a session on “Open Banking: Bringing Regulation and Technology together for Digital Transformation”. Seshika’s talk with cover the following:
The continental journey of Open Banking: Synopsis of regulations in UK, EU and Australia
Why Open Banking is a Digital Transformation opportunity in disguise
Building an open banking strategy for long-term success
The winning technology mix for Digital Transformation through Open Banking
Workshop - Best of Both Worlds_ Combine KG and Vector search for enhanced R...
Open Banking - Bringing Regulation and Technology together for Digital Transformation
1. Open Banking
Bringing Regulation and Technology together for
Digital Transformation
Seshika Fernando
Head of Financial Solutions
WSO2
2. WSO2 At-A-Glance
2
$25m Sales in
2017
53% YoY
growth
450+
Customers,
175 New
Customers in
2017
Open
Source
Founded 2005,
Backed by
Cisco and
Toba Capital
Colombo,
London, Mountain
View, New York,
São Paulo,
Sydney
500+
Employees
(300 Engineers)
7. • RTS got delayed
• Regulatory Authorities were not properly setup
• Country deadlines got extended
• Different bank tiers: different implementations
• No standard specification
What really happened in Europe
9. • How do I get my arms around the regulation?
• Does it require a complete technology overhaul?
• Will it break the bank?
• Are Third Party Data Receivers the enemy?
• Will I lose my customers?
Pressing questions that need answering
10. Who? How? Why?
It affects each stakeholder
differently (Banks, Data
Receivers, Consumers)
Open Forum
Work with vendors and
partners who understand
the regulation
Understand business
benefits beyond
compliance
Understanding the regulation
11. Data Sharing via Open APIs
Security
Customer Experience
Change Management Strategy
Must have
Technology
For
Open Banking
○ TPP accreditation validation & onboarding
○ Sandbox & production environments and Tooling
○ API lifecycle management, creation, versioning
and security
○ Data Security
○ Strong Authentication
○ Consent Management
12. Tips to bring down the cost
Integration LayerUse and Reuse Purpose Built
One Vendor Experts