Open banking API platform: 100% customer base increase

We started with investigating our client’s needs and the PSD2 regulatory interpretation to ensure precise adherence to its requirements. We then identified the application’s scope and determined the main milestones. Our team chose the Agile methodology to create the platform as fast as possible and make necessary amendments on the go if necessary.

The development process consisted of two stages: building the web interface to be accessed by the TPP and creating a secure open API. We chose our stack, relying on our expertise working with similar projects. We used mainly open-source techs, customizing them to the client’s needs by adding new components and plugins.

Our web developers concentrated on building an easy-to-operate interface, yet the most critical part was creating a secure API with identity authentication provisions. We provided authentication at the API management layer to free up the back end API. This approach also helped us centralize the configuration of authentication of several disparate APIs to manage various levels of TPP’s access. No data is stored on our side, only tokens. All authorizations to receive data require confirmation after a redirect to a bank page. We relied on Grafana tools to display the info dashboards. The final step was integrating the solution with the bank’s ecosystem, and set-up effective consent management frameworks implementing QWACs and QSEALS security protocols for PSD2 compliance, and writing detailed user manuals for TPPs.