Open source integration vendor WSO2 has released WSO2 Open Banking to enable compliance with PSD2 Regulatory Technical Standards (RTS).

The new offering offers support for electronic identification, authentication and trust services, strong customer authentication along with rule-based fraud detection.

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WSO2 Open Banking incorporates API management, identity and access management (IAM), along with data and services integration features, among others.

Its software components are said to be built on one componentised API-centric framework.

“This provides banks with the flexibility to mix third-party technology components with the WSO2 platform and extend it into their API-led digital transformation efforts,” the vendor noted.

Moreover, the solution has the ability to operate on-premises or in the cloud.

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It supports new versions of two API standards, namely NextGenPSD2 API 1.3 as well as Open Banking UK API 3.1.1.

WSO2 president and COO Shevan Goonetilleke said: “Through WSO2 Open Banking, we have been empowering financial firms to clear the hurdles of open banking compliance quickly and then extend the new API-centric platform to create new data-driven services for strengthening customer engagement, generating new revenue streams, and accelerating growth.

“The newest release builds on this commitment with new functionality for rapidly complying with the PSD2 RTS deadline and updated API standards for Europe and the UK, as well as enhancing the analysis and management of the APIs at the heart of open banking initiatives.”