The combination of legislative, technological, and market pressures has created a digital transformation imperative in banking. Addressing this imperative requires the ability to expose and orchestrate data between banking and non-banking systems, and does so in a way that promotes reuse, accelerates project delivery, and ensures the highest level of security.
Increasingly, however, the question our clients ask us is not if they should move forwards with such digital transformation initiatives, but how? To answer that question, and distilling best practices from working with financial services leaders, we’re excited to beta-release our Catalyst Accelerator for Banking, a set of productized assets that accelerates development for the most common integration use cases including accessing account information and payment initiation.
The accelerator includes:
- API Designs: A set of pre-built RAMLs across System, Process and Experience tiers
- API Implementations: Anypoint Platform implementations of these API designs
- API Sandbox: A sandbox environment to experiment with these assets, including mock web and mobile UIs.
One of the potential applications of this Catalyst is PSD2 (EU’s Second Payment Services Directive), a regulation that mandates the open exchange of account information, subject to prior user authorization. Although PSD2 is EU specific, we see similar “Open Banking” use-cases and needs for banks globally, across the US, Canada, Singapore and Australia. At its very core, PSD2 will require banks to support the following use cases:
- AISP (Account Information Service Provider): AISP gives a name to something that already exists, such as Mint.com in the US, which consolidates a customer’s bank account details from several different banks into a single experience. As an example, users will log into personal finance app and see a list of accounts from multiple banks, all in one place. The access to this accounts would be granted using XS2A standards set by the EBA and users would not have to give login passwords to personal finance app.
- PISP (Payment Initiation Service Provider API): PISP APIs are payment initiation services that offer retailers another way of taking online payments. These service providers let a shopper pay directly from his/her bank account. Users do not give a bank login details to a merchant, or, vice versa, the merchant user’s login details to the bank account; users simply give permission to the merchant to execute payments on the user’s behalf via the bank account.
Learn about the Catalyst by signing up for our beta program.