The Open Banking initiative along with regulations such as the Revised Payments Service Directive (PSD2) were introduced to promote innovation, increase competition, and encourage inclusion, with a view to make banking more customer centric. However, by compelling banks to provide secure access of customer data to third party providers (TPPs), a new challenge, one that of cyber security, has emerged. The possibility of offering responsive customer-centric solutions in partnership with FinTechs using open APIs is overshadowed by concerns regarding security and compliance. Due to increased API integration with TPPs, banking systems are inadvertently exposed to threats and vulnerabilities beyond their risk appetite.
Virtusa's Open Banking Security Offering accelerates your journey towards open banking security readiness and regulatory compliance.
Our API security management solution is a one-click, real-time, automated tool that analyzes your open API readiness and offers actionable insights. We also offer standard checks to analyze the entire value chain of open banking security. To help you stay ahead of the complex and challenging world of open banking, we assess your open banking security vulnerabilities and provide remedial measures to reach the desired level of security across six key dimensions:
- Innovation and Efficiency