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 government has been moving towards a phased implementation of the operating model and regulatory framework for Open Banking. See more details here.
Open Banking Compliance enforces banks and financial service providers to share their data and payment initiation capabilities with trusted third-party providers (TPPs) via secure application programming interfaces (APIs).
Virtusa’s Open Banking Sandbox can help your organization comply with Open Banking regulations. Its cloud native digital API infrastructure is purpose-built for banking and implemented across the globe.
- Validated with the UK Open Banking Compliance Suite and JSON Validator Tool
- Cloud native digital API infrastructure, purpose-built for rapid experimentation by banks and TPPs
- Pre-loaded with synthetic data set containing 10MM customer records and 40MM transactions supporting the retail, corporate and small and medium-sized business. Fully compliant with BIAN, Open Banking regulations and ISO20222 standards
- API monetization to realize revenue opportunities of third-party services
- Proven PSD2 Implementations for European and Middle Eastern banks
- Value added modules for full Open Banking implementation
- Up to 24/7 customer support
New White Paper
Open Banking Beyond Compliance
For the banks that are prepared to go beyond compliance, Open Banking presents rich opportunities to shape innovative offerings and drive new revenues. To enable API-driven services, banks will make significant changes to their information infrastructures. These changes will also open the door to non-traditional revenue-generating opportunities: API monetization.
In this white paper, Virtusa surveys the current Open Banking landscape and puts forward recommendations for effective API monetization, including API pricing models, risk and quality control mechanisms, potential new business models, and strategies for open banking.