WSO2 Open Banking to accelerate PSD2 compliance for banks


Shevan Goonetilleke, WSO2 President and COO

Open-source integration provider, WSO2 has released the latest of WSO2 Open Banking for achieving PSD2 RTS compliance with the inclusion of new security features such as support for electronic identifications, strong customer authentication (SCA) as well as rule-based fraud detection and monitoring of fraudulent transactions.

“Through WSO2 Open Banking, we have been empowering financial firms to clear the hurdles of open banking compliance quickly and then extend the new API-centric platform to create new data-driven services for strengthening customer engagement, generating new revenue streams, and accelerating growth,” said WSO2 President and COO, Shevan Goonetilleke. “The newest release builds on this commitment with new functionality for rapidly complying with the PSD2 RTS deadline and updated API standards for Europe and the UK, as well as enhancing the analysis and management of the APIs at the heart of open banking initiatives.”

WSO2 Open Banking is focused on combining technology infrastructure with regulatory expertise and includes API management functionality for ease of open banking compliance.

The newest release also aims to benefit the banks’ software developers through features such as Open Banking Business Intelligence (OBBI) which includes API Analytics and functionality for TRA validation.

Established in 2005, WSO2 is an open-source integration vendor that assists organizations in becoming integration agile. The company’s hybrid platform is used for developing, reusing, running and managing integrations and prevents lock-in through open-source software that runs on-premises or in the cloud.

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