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SOLUTIONS FOR FINANCIAL SERVICES
The Akana API platform provides an ideal open banking solution. Find out how Akana supports open banking and PSD2.
The banking sector is undergoing massive disruption driven by regulatory changes, particularly in Europe where Open Banking and PSD2 regulations are set to transform how customers move and manage their money. The Akana Open Banking API solution empowers account providers to achieve compliance with Open Banking and PSD2 standards via a robust end-to-end API management platform.
The Competition and Markets Authority (CMA) has required the nine largest current account providers in the UK to implement Open Banking solutions, which enables customers to allow Third Party Providers (TPP) highly-secure access to their current accounts for the purposes of gathering transaction data or making payments on their behalf.
A similar regulation is the Payment Services Directive 2 (PSD2), which requires all payment account providers (not just current account providers) in the EU to allow third-party access. PSD2 does not call for an open standard, but Open Banking will have to meet the legal requirements of PSD2.
To allow TPPs access to customer account details or bank payment services, banks will require a dedicated interface, which is widely expected to be API-based. APIs offer an effective way to quickly and securely expose business capabilities to whichever consumer audience they are intended to be shared with.
In modern integration architectures, APIs are used as a means to effectively expose capabilities from enterprise systems in a consumer-friendly format. Typically, the published API offers an interface based on current open standards and styles. This usually has a positive effect on the development effort required to consume the API - after all, the consumer is shielded from the technical intricacies and complexity that may be associated with the downstream enterprise services (that may have been created using "legacy technology").
The enterprise-class Akana Open Banking API solution specifically addresses the requirements of PSD2 and Open Banking by offering a comprehensive API management platform focusing on security, reliability, scale, and interoperability.
Akana's Open Banking solution opens up communications between banks, their customers, and their emerging partner ecosystems. Akana has verifiable success in the open banking sphere, having launched a comprehensive open banking API platform for a major European bank in 2017.
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