Banks and financial institutions across the European Union (EU) and United Kingdom (UK) are sprinting to meet the EU’s Second Payment Services Directive (PSD2) Regulatory Technical Standards (RTS) deadline on September 14, 2019. With the newest release of WSO2 Open Banking, WSO2 adds new security capabilities aimed at facilitating PSD2 RTS compliance.
These include support for electronic IDentification, Authentication and trust Services (eIDAS) to ensure secure electronic transactions, strong customer authentication (SCA) for electronic payment transactions, rule-based fraud detection and dashboards for monitoring fraudulent transactions.
Additionally, WSO2 Open Banking supports new versions of two widely used API standards for PSD2 compliance: NextGenPSD2 API 1.3 from the Berlin Group standards initiative and Open Banking UK API 3.1.1. Both standards mandate how Accounts, Payments, and Confirmation of Funds requests are handled.
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