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Card Based Payment Instrument Issuer (CBPII) is a PSP (ASPSP/TPP) that issues payment instruments based on cards. Those cards can be used to initiate a payment transaction between an ASPSP and another PSP.
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Consumer Data Right
The Australian Government introduced the Consumer Data Right (CDR) to give consumers more control over their data. CDR provides customers and small businesses a choice about how their data is shared with third parties and sets standards for a whole industry about what data should be made available safely. In doing so, CDR encourages competition between service providers, leading to better prices for customers and more innovative products and services.
The CDR will be rolled out sector-by-sector, starting with the banking sector. Further information on the CDR is available on the Treasury website at https://treasury.gov.au/consumer-data-right .[Back to Top]
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Consumer Data Standards
The Consumer Data Standards (CDS) are the technical standards produced by Data61, which is the Data Standards Body that provides guidance for the banks/Data Holders on how to implement the CDR. These standards enable consumers to access and direct the sharing of data about them with third parties flexibly and simply, and in ways that ensure security and trust in how that data is being accessed and used.[Back to Top]
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ACCC
The Australian Competition and Consumer Commission (ACCC) is the lead regulator for the CDR regime, and it has roles and functions that include:
Drafting rules to implement and govern the CDR in each sector
Accrediting entities to receive data
Managing an online register of accredited data recipients and data holders through Dynamic Client Registration (Client Registration)
Providing education and guidance on the CDR
Recommending to government future sectors to be brought within the CDR
Compliance and enforcement activities
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Consumer
The end-user who is benefited from CDR, the consumer is able to request the Data Holder to provide data.[Back to Top]
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Data Holder
The Data Holder (DH) is the organization that CDR is applied to provide data to the consumer. For example, a bank.
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Data Recipient
A Data Recipient (DR) is an accredited party that is able to request CDR data from a Data Holder with the consent of the consumer. [Back to Top]
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CPS 234
Cross-industry Prudential Standards 234 Information Security (CPS 234) is a mandatory regulation issued by the Australian Prudential Regulatory Authority (APRA). The APRA regulated entities and the information assets managed by them and associated third parties should comply with CPS 234. WSO2 Open Banking is not an APRA regulated entity, but the solution can be categorized as a third-party provider that provides information assets to regulated entities.
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Fintech
Fintech is another name for financial technology and is often used to refer to a business that offers new and innovative financial services using software and modern technology.
Fintechs thrive to offer various financial services like money transfers, payments, and lending in fast and easy ways to keep up with the requirements of the modern-day, tech-savvy, digitally advanced customers. Due to this reason, Fintechs have become quite a competitive challenge to banks that have more rigid, process-oriented structures.[Back to Top]
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Open Data
Open data is data that is freely available and can be used, reused, and distributed freely by any party. Just like movements such as open-source, there is no copyright, patent, or any other methods of control over open data. At most, the user is required to attribute and/or adhere to share-alike licensing.
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WSO2 Open Banking
Components
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When performing transactions, it is inevitable for systems that communicate in various protocols and formats to communicate with each other. Mediation enables exchanging of messages between such disparate systems with less complexity. Message mediation encompasses message routing, message filtering, message transformation, protocol switching, etc. WSO2 Open Banking facilitates message mediation that enables integrating with core banking systems and other internal banking services including legacy systems.
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APIs
Application Programming Interfaces (API) is a mechanism that enables exposing software functionality without revealing its implementation. APIs enable software applications to interact with each other and exchange data. WSO2 Open Banking supports REST, SOAP, and WebSocket APIs.
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The Swagger UI is a dependency-free collection of HTML, JavaScript, and CSS that dynamically generates documentation from an OpenAPI-compliant API. OpenAPI-compliant APIs give you interactive documentation, client SDK generation and more discoverability. The Swagger UI has JSON code, and its UI facilitates easier code indentation, keyword highlighting and shows syntax errors on the fly. You can add resource parameters, summaries and descriptions to your APIs using the Swagger UI. The WSO2 Open Banking API management component has an integrated Swagger UI. For more information, see the OpenAPI Specification version 2.0 (formerly known as Swagger RESTful API Documentation Specification) and OpenAPI Specification version 3.0.0.[Back to Top]
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Applications
An application is an intermediary that sits between an API and its consumer. API consumers use applications to subscribe to APIs and consume them.
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WSO2 Open Banking comes with a pre-created default application, which allows unlimited access by default. You can also create your own applications. [Back to Top]
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Security
Security refers to the means through which computer systems are protected from damage and disruption without being compromised to risks and vulnerabilities. WSO2 Open Banking implements security at the application level and transport level.
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