Open Banking
BankFlex® Open Banking is based on the European NextGen PSD2 directive for XS2A Interface. BankFlex® Open Banking allows banking customers to securely share their banking information with platforms they trust. BankFlex® Open Banking supports the bank to act as ASPSP (provider of Open Banking services) and TPP (consumer of Open Banking services).
Services Providers
ASPSP (Account Service Payment Service Provider) allows other financial institutions to utilize account services or payment services of the bank, for the users of their applications, who are the customers of the bank.
AISP (Account Information Service Provider) allows the bank to use account information services of other financial institutions provided over Open Banking for their customers.
PISP (Payment Initiation Service Provider) allows the bank to use Payment processing services of other financial institutions, provided over Open Banking, to receive payments from their customer accounts with the bank.
CISP (Card Issue Service Provider) allows the bank to issue debit cards linked to the accounts of other financial institutions for their customers.
Features
Compliance with the legislation: The GDPR, the European Data Protection Board and protection of privacy and data processing to be in line with the consent provided by customers.
Supports all types of payment services be it Local Transfer, International Transfers, Bulk Transfers, Payroll etc.
Supports all required customer authentications like SCA, OAUTH2, etc.
Supports various modes for data exchange, both pull and push, API based, Secure File exchange based, both JSON and XMLS based message syntax, supports Swift MT940, MT941 or MT942 and ISO 20022 protocols, etc.
Supports both Web and Mobile based applications for redirection and consent/authentication.
Supports all use cases such as implicit and explicit start of the authorisation process, decoupled and embedded SCA approaches, etc.
Onboarding of ASPSP and TPP in the system using BankFlex MAC with an option to provide self-onboarding.
Fully audited interactions between the participating systems.
