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September 3, 2019

Allevo, WSO2 join forces on open banking in Romania

Fintech firm Allevo and open source integration vendor WSO2 have teamed up to offer customised open banking solutions for Romania’s financial services firms.

The collaboration will initially result in one of Romania’s commercial banks deploying a solution leveraging WSO2 Open Banking.

The name of the bank using the WSO2 solution was not disclosed.

The solution will support the bank’s PSD2 compliance, the vendors said. The solution is also said to have the ability to “centrally manage requests coming from third-party providers on behalf of their customers and then send proxy responses back to them”.

Allevo CEO Sorina Bera welcomed the alliance, saying that the two companies have similar business models.

Bera stated: “The teams of Allevo and WSO2 explored an opportunity identified at one commercial bank and architected a software solution that responds to the customer’s open banking requirements.”

Moreover, the tie-up is said to facilitate open banking projects tailored to meet local and global needs.

The ultimate goal is to boost automation, integration, as well as compliance.

Commenting on the partnership, WSO2 head of financial solutions Seshika Fernando said: “We look forward to collaborating and offering our combined strengths to deliver stellar open banking experiences to banks in this region.”

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