Open Banking in a Box
As we edge closer to the deadlines of PSD2, March and September 2019 specifically, we have recognised that a number of institutions are still grappling with the regulations, and the implications for them individually, and are in real danger of missing the approaching 2019 milestones.
As such, and based on our engagements with existing clients, we at Responsiv have developed an “Off the Shelf” (OTS) Open Banking/PSD2 Secure Payments Gateway (SPG) solution which can help significantly accelerate the delivery of a gateway capability to help in scope institutions still hit the March and September deadlines.
Buy or Build?
The challenge with any technology solution is knowing what needs to be done and having the ability to cut through the complexity to see the core of the problem. When we describe the problem and our solution it may appear “straight forward” and even obvious.
PSD2 compliance is not simply exposing a few more APIs. If that were the case all organisations would have completed their implementations by now and the urgency currently being felt across the banking sector would not have happened.
What is the Responsiv SPG?
The platform provides API hosting, Developer self-service portal, Identity Management (including strong authentication), a testing environment that mimics production behaviour, and the ability to integrate to an internal Integration Bus via a “bridge”. The internal Integration Bus will be responsible for data aggregation and integration with internal systems and data. The Responsiv SPG is built on proven market leading IBM technology, with all of the integration and customisation required to deliver an Open Banking solution already done for you and available OTS.
Why the Responsiv SPG?
Responsiv have spent years (we started reading and thinking about PSD2 in 2014/15) trying to understand the regulation and its impact on how banks operate and how the market might evolve. During that time the UK Open Banking has become a powerful force in the market, the regulation has been translated into law, and the standards have become better defined.
Having taken that journey, and in combination with our other experience, we have built an OTS solution which removes a huge amount of effort that your organisation would otherwise have to shoulder. Not only does this give the best possible chance of meeting the deadlines, it does so whilst also significantly reducing risk, as you know we have already been through this journey. Therefore, we feel well placed to deliver the right solution to your organisation.