Mountain View, CA, June 12, 2018 (GLOBE NEWSWIRE) -- As the Australian government seeks to give consumers control over their data, banking will be the first industry in line to implement the new rules. Outlined in Open Banking, the national Consumer Data Right (CDR) for banking data, the requirements also set the stage for innovative digital products and services that add value to consumer and enterprise experiences, alike. To help banks and financial institutions understand the opportunities brought by the open data initiative, Seshika Fernando, WSO2 head of financial solutions, will present a talk at the Open Banking Summit. The event is being held on June 19-20, 2018 at Pullman Sydney Airport, Mascot, Australia.

The session, “Open Banking: Opening the Door to Digital Transformation”, will run Tuesday, June 19 at 1:50 p.m. (AEST). In this presentation, Seshika will explore the technology requirements of CDR to provide consumers better control over their data. She then will examine how this initiative paves the way for banks and financial institutions to step into new business models through digital transformation. Additionally, she will discuss how banks stand to benefit from an open data ecosystem if they craft the right strategy and use the right tools. Along the way, she will incorporate observations from working with financial institutions to meet the European Union’s second Payment Services Directive 2 (PSD2), which went into effect earlier this year. Key topics of discussion include:

  • The journey from open APIs to open banking – an ecosystem for digital transformation
  • Building an open banking strategy for long-term success
  • Realizing the digital transformation opportunities of open banking

The WSO2 Solution for Open Banking Compliance and Beyond
Complying with Open Banking requires a comprehensive technology approach that incorporates advanced API management, complex integration, identity and access management (IAM), and analytics. WSO2 Open Banking addresses these demands with a single, cohesive solution that empowers financial institutions to thrive in an open data ecosystem.

WSO2 Open Banking levarages WSO2’s proven technology and processes to offer a secure, accelerated and comprehensive Open Banking compliance experience. It has a set of predefined API templates along with comprehensive IAM capabilities that comply with some of the most stringent government regulatory requirements around the world.

WSO2 Open Banking easily integrates with multiple core banking systems, making it a ready-to-go compliance solution. Additionally, it supports API analytics to track performance, API availability, and usage trends, as well as to leverage monetization opportunities. The solution is backed by the WSO2 platform, which is a complete technology stack that can evolve with business priorities beyond compliance.

About the Presenter
Seshika Fernando heads the financial solutions team at WSO2 where she builds financial industry-specific solutions using WSO2’s integration platform. She also works closely with potential customers looking to deploy a financial solution, providing ongoing consulting. Throughout her career, she has had extensive experience in providing technology for investment banks, regulators and stock exchanges from across the globe.

About WSO2
WSO2 is the #1 open source integration vendor. It offers a complete platform that enables businesses to integrate, manage, govern and process any application, data or system—on-premises or in the cloud. Enterprises and governments across the world rely on WSO2’s consulting and subscriptions that accelerate the evolution of any digital native initiative. Today, over 450 enterprise customers representing the world's best brands, process more than 5 trillion transactions through WSO2 each year. Visit http://wso2.com to learn more.

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Shifali Erasmus
Kinetic.PR, LLC for WSO2
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