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What is Open Banking Compliance Architecture?
In the age of digital finance, compliance is not just a requirement but a cornerstone for trust and integrity. obconnect specialises in Open Banking architecture designed for banks and financial institutions that need to meet PSD2 Regulatory Compliance.
With PSD2, organisations must provide real-time access to APIs for FCA Regulated Third Party Suppliers (TPPs) and Fintechs. These APIs facilitate Account Information Requests and Payment Initiation. Open Banking is the UK’s standard approach for PSD2 compliance, and with obconnect, achieving this is streamlined and secure.
How Open Banking Compliance Architecture works
When complying with Open Banking, Banks must securely expose information to Regulated TPPs. To do this there is a process whereby TPPs must register securely with Banks. Then with the consent of the Customer be able to access Account Information or Initiate Payments on behalf of the Customer. The components and architecture to deliver this is very complex. obconnect can help Banks define and deploy their architecture. We also provide a Software as a Solution (SaaS) that banks can plug in to in order to deliver their compliance allowing obconnect to take the strain of the complex and difficult componentry.
TPP Registeration
Experts in Open Banking Dynamic Client Registration, obconnect provide guidance and software to enable Banks to allow TPPs to seamlessly register onto the Banks Open Banking Platform.
Consented Requests
The system enables TPPs to execute customer-consented requests for account information or payment initiation. One of the most complex parts of Bank side compliance is Consent processing. Obconnect can help you build this capability or provide a solution that fits your needs.
Data Sharing & Payment
The system seamlessly links the TPP requests through the Banks systems to the back end to enable data retrieval and payment processing.
Benefits of Open Banking Compliance Architecture
The systems enable Banks to safely expose their APIs and accept Payment Initiation Services.
Reference Architecture
We provide a production-ready reference architecture that serves as a blueprint for banks looking to build their own solution.
SaaS Solutions
For institutions that prefer a ready-made solution, our SaaS platform offers a proven and efficient means to achieve Open Banking compliance.
Our team possesses the specialised skills and know-how to ensure your compliance architecture is robust and scalable.
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obconnect is regulated by the UK Financial Conduct Authority under the Payment Services Regulations 2017 with Firm Reference Number 935017.
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