eWise is a leading international provider of Financial Data Aggregation API and Money Management tools. eWise has delivered award winning solutions to many of the world’s most innovative financial services brands including retail banks, such as HSBC Group and Westpac, wealth management firms and FinTechs. Founded in 2000 and headquartered in Switzerland, eWise has operations in Europe, Asia and Australia. eWise holds patents in the United States, the Asia-Pacific and Europe.
Managing Transition to Open Banking and PSD2 Account Aggregation
Go beyond PSD2 XS2A and unleash true Account Aggregation power for a comprehensive financial accounts coverage.
Why does PSD2 offer a limited Account Aggregation scope?
Considering the scope of PSD2 XS2A and its projected implementation timetable along with its specification principles, it is apparent that XS2A only offers access to payment accounts, namely the end-users basic current account and credit card.
With the average consumer and small business customer possessing a broad range of financial services products including current accounts, credit cards, personal loans, leases, insurance, ISAs and various other investment and credit accounts, the scope of PSD2 XS2A initiative might leave some of us feeling underwhelmed when it comes to providing end-users with innovative, convenient and value-added services driven by a truly comprehensive picture of their financial relationships.
What You’ll Learn
- To build a comprehensive picture you need to manage multiple channels: Direct & In-Direct.
- Direct Channel (API) aggregates in-scope account data and establishes exception list. In-Direct Channel aggregates only out-of-scope accounts to complete the picture.
- Even with Opening Banking & PSD2 Direct Channel (APIs), end-user credentials (tokens etc.) need to be secure.
Allan See, CTO
Allan started his career as a Software Engineer and for the past 5 years has been leading and growing development teams in the online banking and internet advertising space. Allan is a founding member of Developers Connect, a non-proﬁt organisation that promotes local technology talent in the Philippines.
Ralph Johnson, Pre-Sales Consultant