Explore WSO2 Open Banking 3.0—Compliance & Agility

1. What’s New With WSO2 Open Banking?
June 2021 Release
June 2021

2. Hello!
Kasun Dharmadasa
Sachini Siriwardene
Associate Technical Lead & Head of Engineering Management, WSO2 Open Banking
sachinis@wso2.com
kasundh@wso2.com
Senior Software Engineer & Release Manager, WSO2 Open Banking

3. Introduction to WSO2 Open Banking
What’s New With 3.0
Our new modular architecture for fast compliance delivery
New capabilities bringing agility to open banking
Out-of-the-box compliance support for Open Banking Standards
Future Roadmap
3
Today’s Session

4. Open Banking
is already core to banking
4

5. 5
Sources: Open Banking Implementation Entity, Konsentus, Platformable
We are only at the end of the beginning ...
3Mn+
UK Consumers
using open banking data
3X
474
175%
720
367%
Growth
in 2021
Authorized API
consumers
active in the EU
Growth
Y-o-Y
Open banking platforms
globally
p
Growth
Y-o-Y
1Bn+
2X
Projection of end-H1
open banking API Calls
in the UK
Growth
Y-on-Y

6. 6
Open Banking Evolution
Industry-Driven “Open Banking”
Progressive banks working with
“fintech” to build new consumer
value
WSO2 working with banks since
2005 on building ecosystems
2017
Regulated Open Banking
PSD2 forces API-based data sharing on all
banks, intent is compliance
WSO2 launches formal open banking solution
with digital transformation focus
2019/ 2020
Banks Switch Mindset
Banks see digital transformation
potential of open banking
WSO2 formalizes technology &
consultancy model
2021/2022
Open Banking to Open Finance
Banks evolving open banking data
sharing principles to enable third party
providers to access consumer data
over broader financial services
products.

7. WSO2 Open Banking

8. WSO2 Open Banking delivers accelerated compliance to global standards built on
proven, extensible & industry-leading API-technology to realise the transformative
potential of open banking for the bank, it’s partners and consumers.
8
Simplify Open Banking Success

9. Comprehensive Open Banking Technology
9
WSO2 Open
Banking
Technology
Standards
-Based
API Templates
Third Party
Onboarding &
Management
Developer
Portal &
API Marketplace
Premium APIs
& Monetization
Banking
Systems
Integration
Data Analytics
Integration
with Fraud
Detection
Systems
Consent
Management
Consumer
Authentication
API
Security

10. Open Banking APIs Use Cases You Can Build
Account & Product Information APIs
Aggregation & Comparison
Lending & Credit Scoring
Debt Advice & Restructuring
KYC & Verification
Payment Initiation APIs
Payment Request Initiation
Refunds or Payment Reversals
Premium APIs
Personal Financial Management
SME Financial Management
Business Invoicing & Payments
Advanced Lending & Credit Scoring
Advanced KYC & Verification
Loyalty & Rewards
10

11. What’s New With 3.0

12. Introducing
the WSO2 Open Banking Accelerator
12

13. 13
Accelerate time-to-market globally
Why WSO2 Open Banking 3.0?
Easily extensible framework
Leverage & grow your customer base
Updates available separately for OB components
Easy compatibility with core product upgrades

14. 14
● Support any Open Banking specification easily
● Builds on common core capabilities needed for open banking
● Accelerator components contain:
○ logic needed to perform basic data manipulation
○ extension points to customize validations to meet specific standards
What is WSO2 Open Banking Accelerator

15. 15
Open Banking Accelerator
Open Banking
Toolkit
Dynamic/ Manual
Client
Registration
Mutual TLS &
Certificate
Validation
API Resource Access
Enforcements with
Consents + OAuth 2.0 +
Throttling
Extensions on
Specific
Validations
API Swagger
Files & More
Custom UI Pages
for Consent
Functions & More
Standard-Specific Data
Publishing & Data
Summarization Scripts
Core WSO2 Tech Stack
WSO2 API Manager & Enterprise
Integrator
WSO2 Identity Server
FAPI-Specific
Identity
Extensions
WSO2 Streaming Integrator
End-to-End
Open Banking
Compliance with
Platform for
Comprehensive
Digital
Transformation
Consent
Management
Event
Notifications
Raw Data
Analytics
Consent
Dashboards &
Consent Apps
Data Publishing for
Regulatory
Reporting

16. Enabling Premium Open Banking Capabilities
16

17. 17
● Service catalogs and single-click managed APIs
● Support for asynchronous APIs
● Async API definitions for streaming APIs
● API revisions
● API Analytics-as-a-Service

18. Enhanced UX & Simplified Workflows
18

19. 19
● A new IAM console for developers and administrators (Beta)
● Swagger/GraphQL to Postman Collection

20. Strengthened Security
20

21. 21
● Group and role separation
● Default symmetric key encryption
● Improvements around CIAM use cases
⦿ Triggering SMS-based verification on mobile number change
⦿ Enforcing uniqueness and regex validation for challenge-question answers
⦿ Auto-login of user upon successful password recovery

22. Alignment to Open Banking Standards
22

23. The UK Open Banking Standard
23
● Updates to the accounts, payments, and confirmation of funds service (CoF) APIs version 3.1.6
● Support management reporting version 3.1.5
● Support the DCR API version 3.3
● Support for the latest customer experience guidelines, and operational guidelines

24. The Berlin Group NextGenPSD2 XS2A Framework Implementation
24
● NextGenPSD2 XS2A Implementation Guidelines version 1.3.6
● NextGenPSD2 XS2A Interoperability Framework - Extended Services - Consent CoF version 2.0

25. Australia’s Consumer Data Standards
25
● Consumer Data Standards version 1.9.0
● DCR 0.2
● Regulatory reporting phase 2 (for consumer data)
● Get Metrics version 2

26. Any Other Open Banking Standards
26
● Build only last-mile compliance customizations to meet local standard
● Minimal effort and costs to build and maintain ongoing compliance

27. Future Roadmap

28. What’s Coming Up Ahead?
● Client Initiated Backchannel Authentication (CIBA)
● Variable Recurring Payments for OBIE’s Open Banking standard
● Consent Amendments and Joint Account Management Service for CDR
● JavaScript Authentication (OIDC) SDKs & Samples (React, React Native, Angular, Vue)
● Allow users to login with preferred attributes such as email, username & mobile
28

29. The WSO2 Advantage for Open Banking
29
Consultancy services built on delivering
open banking & mission critical solutions
to global financial services leaders
Cost-effective without
compromising on rich experience
$
API templates & security profiles
complying with global standards
AUS | UK | EU | FAPI
Built on industry-leading API platform to
enable impactful collaboration with fintech
firms & generate new commercial opportunities
Leader in The Forrester Wave™: API Management Solutions, Q3 2020 Report
Recognized in integration & IAM by Forrester, Gartner & KuppingerCole
A Comprehensive technology
& services solution guiding you to
open banking-driven digital maturity

30. wso2.com
Thanks!
kasundh@wso2.com
sachinis@wso2.com
For sales inquiries mevanp@wso2.com