Ahead of the EU’s Second Payment Services Directive (PSD2) fully snapping into action on September 14, WSO2 has revealed a software update to help banks comply with the new regulations.
The open source integration vendor’s open banking solution has been updated to add new security features to insure compliance with PSD2. These include support of strong electronic identification, authentication and trust services (eIDAS) and strong customer authentication (SCA) for electronic payment transactions.
Moreover, the Mountain View company has also padded out the offering with new rule-based fraud detection and dashboards to support the monitoring of fraudulent transactions.
The software update also incorporate the new API standards set out by PSD2 – NextGenPSD2 API 1.3 and Open Banking UK API 3.1.1.
“Through WSO2 Open Banking, we have been empowering financial firms to clear the hurdles of open banking compliance quickly and then extend the new API-centric platform to create new data-driven services for strengthening customer engagement, generating new revenue streams, and accelerating growth,” said Shevan Goonetilleke, president and COO of WSO2. “The newest release builds on this commitment with new functionality for rapidly complying with the PSD2 RTS deadline and updated API standards for Europe and the UK, as well as enhancing the analysis and management of the APIs at the heart of open banking initiatives.”
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