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
We also provide API strategy support as a part of a holistic innovation strategy which includes Open Innovation, Open Banking, FinTech integration and Microservices.