Powerful solutions for Open Banking compliance and adoption

Open Banking is turning into a global trend. Accelerated tech innovation, changing customer preferences and a growing digital landscape is enabling regulatory interventions that have a disruptive potential to drive truly revolutionary change.

In Europe The European revised Payment Services Directive (PSD2) and the UK’s Competition and Markets Authority, are enforcing an Open Banking standard (CMA9). In Australia, the federal government introduced an ambitious deadline of 1 July 2019 to start the phased implementation of Open Banking, with the country’s four largest banks.

It’s both the route to AI-led digital transformation and the commercial imperative. Open Banking provides vast opportunities for banks and financial institutions to reinvent their legacy systems via fast-developing technologies such as FinTechs, microservices and APIs.  It fuels innovation and digital transformation for incumbents to stay competitive, differentiate and generate value.

PSD2 Open Banking

 

We can help accelerate and streamline your Open Banking compliance and adoption.

Open Innovation Platform

Accelerate your digital transformation with Open Banking adoption and API-led innovation. Our cloud-based gamified Open Innovation Platform accelerates innovation cycle from ideation to an MVP: ideate, build and publish applications in a matter of weeks. Onboard and engage with carefully curated FinTechs to drive your API-led transformation. The platform is underpinned by a pre-loaded synthetic data model for testing and is fully compliant with BIAN, Open Banking regulations and ISO20022 standards. Comply with Open Banking regulations, create new digital native business models and unconventional revenue streams to transform your organization.

Open Innovation Platform

Design Thinking

Drive value with each step of your Open Banking Roadmap. We use Design Thinking – a human-centered approach to help you adapt and evolve your business to meet the challenges and opportunities brought by Open Banking. We explore the emerging tech landscape, identifying high potential technologies and developing innovative concepts. We build compelling prototypes to help you to identify viable and feasible solutions that will benefit your customers and deliver material value for your business.

Design Thinking

Data Privacy and Governance

Keep your data in control while embracing Open Banking. We can help you transform your data governance, infrastructure and processes to help you grow your digital banking opportunities through Open Banking. We provide end-to-end and bespoke Data Privacy and Governance solutions powered by Artificial Intelligence to help you harden your data control and address cyber security risk to avoid misuse of data by third parties. Identify the right data management approach and facilitate the compliant processing of data to unlock Open Banking for your organization, partner ecosystem and customers.

Data Privacy and Governance

Find out how Virtusa xLabs can help you comply with the Open Banking regulations.

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