Regulatory Compliance

WSO2 Open Banking complies with the following regulations: 

PSD2

PSD2 is the revised Payment Service Directive, which was mandated in 2016. It stems from PSD1, which was mandated in 2009. PSD2  requires Europe's banks to give regulated third-party providers (TPPs) access to customers' account information and payment initiation with the customers' permission and consent.

Some benefits of PSD2 include:

• The customers can manage their finances using third-party applications, e.g., pay your bills using social media accounts. 

• More consumer choices and better online and mobile payment methods.

• More opportunities for the financial technology companies to introduce new and innovative banking services.

• Enhanced payment security.

• Ability to standardize the payment systems and impose limits on transaction fees to ensure lower costs for the consumers.

GDPR

CDR

Specific examples of the benefits of a CDR might include:

• Banking applications that analyse credit card customers spending and repayment behaviours to identify the best product for an individual, saving them money on high fees or obtaining better interest rates.

• Applications that help customers understand and manage their energy use to save money on their power bills.

• Comparison websites that identify a more appropriate internet or mobile phone plan taking into account each customer’s actual usage and budget.