The financial services industry is on the verge of a revolution in how software solutions are manufactured and delivered to end customers. Open Banking enables individual customers and businesses to share their financial data with third parties. Consenting customers would benefit from a host of innovative applications for use outside of their bank’s ‘walled gardens’ as a direct result of that.
We believe that Open Banking is here to benefit Society (greater transparency), Consumers (more choice and control over their Apps and Data), Banks (faster innovation), Government (a more vibrant, open and competitive financial system), and last but not least, developers and Fintech startups.
PSD2 regulations ensure that banks will create mechanisms to enable third party providers to work securely, reliably and rapidly with the bank’s services and data on behalf and with the consent of their customers. Whilst the EU does not explicitly require banks to use Application Programming Interfaces (APIs) to meet their PSD2 obligations, most believe this is the best way forward.
Open Bank Project PSD2 Suite enables financial institutions to securely and rapidly comply with PSD2. The Suite is based on Open Bank Project API Platform and includes a set of tools and softwares to handle TPP Registry, API Gateway, Consent Management, Risk Engine, Multi-factor Authentication and SCA and Berlin Group specifications.
At TESOBE we believe that banks should not think of PSD2 as a compliance dilemma or market threat but more as an opportunity to embrace the new world of open banking. Open Bank Project PSD2 Suite offers a fast-track API-driven PSD2-compliance into bank architecture, allowing banks to focus on new opportunities delivered by this infrastructure.
The Berlin Group is a standards initiative and API framework that helps Banks comply with PSD2 regulation.
Open Bank Project delivers Berlin Group 1.3 APIs to production commercial license holders so they can fulfill their PSD2 compliance requirements. Implementation specifics are arranged with license holders on a case by case basis.
HMS believes that Open Banking will prise open the banking market, encourage new product development, attract new disruptive players, give consumers more choice and better deals and provide new opportunities for financial institutions to compete for consumers’ attention.
HMS has partnered with Tesobe – one of the global leaders in the Open Banking Project to assist Banks in Israel in executing effective API strategies by providing a proven API technology platform supported by an active community of developers and partners. Together with Tesobe, we consult banks on API strategy, digital transformation and associated regulation including PSD2.