The feature carries new security levels and also has strong customer authentication (SCA) for electronic payment transactions. Another benefit of the release is its support for electronic IDentification, Authentication and trust Services (eIDAS) to ensure secure electronic transactions, as well as it having rule-based fraud detection and dashboards for monitoring fraudulent transactions.
WSO2 Open Banking is purpose-built to domain expertise and align technology infrastructure, which acknowledges the tech requirements for open banking compliance. Additionally, the software components of the feature are built on a single, componentised API-centric framework. This flexibility enables banks to quickly act to customer needs and respond when required.
The hybrid integration solution allows it to run on-premises or in the cloud, meaning financial institutes can have full deployment flexibility.
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