The dynamics of the current market place ensure that delivering Open Banking solutions is a trend which is set to grow in the coming years. Already many third-party providers are offering services based on accessing multiple banks. In Europe, the regulator has stepped in and defined in PSD2 a strict set of rules with which each bank must comply:
Within the omni-channel design of the MultiCash Communication Platform, the new XS2A Connector is seamlessly integrated alongside other channels (e.g. EBICS, MCFT, online banking). In order to ensure rapid market maturity and implement new standards quickly, Omikron’s design is closely aligned with the specification standards of the Berlin Group. Using the REST-API provided, ISO 20022-formats and JSON-formats are exchanged and processed using the existing internal workflow. For authorization, users can work with the existing familiar signature method.
The XS2A Connector module consists of two components:
In addition, we have enhanced the internet banking application with an integrated Consent Management. For Secure Customer Authentication, your bank can use the same authentication/authorization procedures as used for internet banking.