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Head of Financial Solutions, WSO2
Commodity to EcosystemSupporting Customer Lifestyles Beyond Banking
Seshika Fernando
No One Really Wants To Do Banking
3
Go on Vacation
4
Buy that Dream Home
5
Educate Children
Banking is the Means to an End
PSD2 Mandates Banks to- securely expose- customer financial data- with customer consent- to regulated third parties- via APIs
Account Information Aggregation
Bank A
Bank B
Bank C
Now
Payment Initiation
Bank A
Bank B
Bank C
Merchant
Now
TPP(PISP)
PSD2
Bank A
Bank B
Bank C
Merchant
• API Management
– APIs
– Third party onboarding
– Threat/misuse detection
– Analytics
Technology Requirements for Compliance
• Identity and Access Management
– Secure API invocation
– 2 Factor Authentication
– Adaptive Authentication
– Consent Management
• Competitive dynamics
• Business model and identity
• Customer relationships
• Revenue
Banks are not happyFurther Commoditized
‘Consolidated Customer Financials’
Digital Transformation - Market Expansion
Bank A
Bank B
Bank C
Merchant
Consolidated customer account and payment
info across multiple Banks
TPPTPP
Digital Transformation - New Revenue Streams
Consolidated customer account and payment
info across multiple Banks
Bank A
Bank B
Bank C
Merchant
TPP
Becoming a Part
of Customer Lifestyles
• Vision: Regulation vs. Business Opportunity
• People: Concern for Compliance & IT vs. All
• Culture: Take nothing for granted, keep innovating
• Technology
Recipe for Digital TransformationIngredients
Technology
WSO2 Open Banking
API ManagerAPI Security + SCAAPI AnalyticsAPI Monetization
PSD2 Compliance
API IntegrationFraud DetectionAPI Analytics Dashboards
TPP Provider
Web/Mobile App SuiteInsight SalesRequired Integration
Digital Transformation
http://wso2.com/solutions/financial/open-banking/
Seamless Journey to Customer’s End Goal
TPP
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