Accelerating the Path to Open Banking

August 16, 2021

Open Banking is rapidly becoming a major innovative factor in the transformation of the financial industry. It allows for better transparency, provides more affordable and useful services for customers, and promotes a competitive and innovative financial ecosystem.

Since the adoption of Open Banking in Europe, we’re already seeing the benefits and effects it has on their changing financial landscape.

The Role & Importance of API Management

API frameworks lie at the core of the Open Banking architecture. Banks will have to make provisions for exposing APIs, while ensuring their security through consent management systems. They’ll need to define API specifications to ensure the exposure of internal data and services to external parties is standardized. Although some datasets can be exposed via Open APIs (such as ATM locations, interest rates, branch locations, etc.), secured APIs will be needed for data pertaining to customer account information and payment services.

Banks will also need to implement a security layer with authentication and authorization mechanisms to restrict access of exposed APIs to authorized third parties only.

Adastra and PaymentComponents Partnership

Adastra has partnered with PaymentComponents, a global leader in B2B payments and fintech solutions. This partnership offers new solutions for Open Banking in Canada and the USA that have already been implemented in Europe.

The addition of this suite of products to Adastra’s already established expertise in the Financial Industries allows organizations to accelerate their path to Open Banking.

These Solutions Include:

Open Banking API Management – aplonAPI™  includes by design, the necessary APIs, security features and monetization methods, for forward-thinking institutions to create innovative services (BaaS / BaaP), become PSD2 compliant and actively participate in the Open Banking revolution.

Account Aggregator – UNUapi is a multibanking payment solution that helps clients simplify & automate relationships with banks, get a global view of their accounts and achieve greater control.

SWIFT MT, ISO20022, SEPA, CBPR+, TARGET2 Tools – Use FINaplo to migrate from MT to ISO2002 according to CBPR+ or TARGET2 rules, or build your native ISO20022 or SEPA application. Gain a huge productivity boost by using ready-made, fully-tested financial messaging SDK built from a team of experts. It’s the ultimate source for developers and testers of financial applications in Banks and Fintechs.

Payment Hubs – Jumpstart your payments with an easy-to-install and easy-to-use messaging HUB. Connect your back-office to handle incoming and outgoing messages without implementing expensive and complicated workflow systems.

How Adastra can help

Adastra has over 20+ years of expertise in the data and data management space. During this time, our experts have worked closely with financial institutions of all sizes to plan, build, and implement customized solutions that meet the organization’s business needs, and help them comply with regulatory requirements. We are industry leaders in both the Financial Services and AI & Analytics domains, and can help you implement an Open Banking architecture that not only offers a great customer experience, but will also keep your organization’s data safe and secure. Open Banking poses a unique opportunity for banks to gain a complete understanding of their customers and leverage that information to innovate and enhance their competitive positioning in the market. Moreover, Open Banking centres around the needs of the customers and banks that take the lead in rolling out secure, efficient, and user-friendly Open Banking offerings will be able to offer a better customer experience, provide improved products and services, and attract new customers.

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