Open Banking Architecture Pdf
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Wso2 open banking was built by considering the standards and specifications that different regions and banks have.
Open banking architecture pdf. This echoes the design of the web itself and enables far greater scope for innovation. Modern core banking solutions bring the ability to create innovative products and services rapidly and this transformation is imperative to remain competitive. To identify what the key requirements of an open banking platform are and how they can be implemented selecting the right technology is a top priority. Implementing a successful open banking architecture is critical for a bank to fully leverage the benefits of open banking.
1 define api reference architecture. Figure 10 data governance architecture as a critical enabler data denition data acquisition data. The open banking api should be built as an open federated and networked solution as opposed to a centralisedhub like approach. In another study on key focus areas for transformation 47 of respondents stated core banking systems transformation as their topmost priority see exhibit 5.
Data governance and architecture is a tightrope that organisations in the banking sector must navigate to realise the upside of unlocking information silos and to protect themselves from potential threats in an open banking environment. What does the future hold. Wso2 open banking supports a technology stack that banks need in order to become psd2 compliant and digitally transformed. 8 simplifying the banking architecture.
Transformation through soa service.
