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 /wiki/spaces/OB200/pages/48629460 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.

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CDR

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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.

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