Beyond PSD2 for a Better Open Banking Expereince

PSD2 is acting as a catalyst in the digital transformation happening in the Banking industry. While meeting the compliance requirements of PSD2, financial institutes are excited to make use of the new business models and opportunities opened by this laid foundation. More the customers and partners we can reach, more the business activities and more the revenue. Making the banking functions more accessible and reactive will be a key enabler to provide a seamless experience to these parties, including internal banking staff whom directly affects the business efficiency.
IAM plays a critical role in improving business accessibility without compromising the system boundaries. PSD2 mandates strong customer authentication(SCA), setting the bar high for user authenticity, while keeping few exemptions, not to bother payment services user(PSU) with SCA for every little transactions. While adhering to this policy will make an institute PSD2 complaint, if they can react fast to the fraud rates…

Adaption of PSD2

European Union has enforced Payment Service Directive version 2 (PSD2) for the Payment Service Providers to adapt by the year 2018. Following slide-deck discusses the

  • PSD2 background 
  • PSD2 effects on the business domain 
  • Security implications of the directive 
  • What technologies, standards are available to meet the requirements 
  • How WSO2 products can support to adapt PSD2


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