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A Technology Platform for Open Banking

White Paper

The European Union “Revised Payment Service Directive” (PSD2) will bring banking and finance closer, integrating them with other industry sectors as it enables bank customers, both consumers and businesses, to use third-party providers to manage their finances.

In the search for growth and competitive advantage, banks are opening up their core capabilities to third parties. The ambition is to create innovative products and services more tailored to customers’ needs and expectations. This is setting the stage for dramatic changes in the banking industry which, in turn, creates new technical challenges. In this white paper, you will gain insight into how these challenges can be overcome with the Hazelcast Open Banking platform.

This white paper is intended for line-of-business managers, software developers, and systems architects who are researching technology solutions to capitalize on U.K. Open Banking Standard and European Union “Revised Payment Service Directive” PSD2.

This White Paper features:

  • Introducing Open Banking – what is it and who does it impact?
  • Definitions – what is an Open API?
  • The Technical Challenges of Open Banking – what changes do banks need to make to their backend infrastructure? What are the commercial opportunities?
  • Integrating Open Banking with disk-based data stores such as: RDBMS, Hadoop, MongoDB, etc.