PSD2 - Product Suite and Solution
“Open Banking is about making everything for sale. It provides a new way to increase digital revenue for the banks that are willing to think differently...Open Banks and FinTech's will continue to erode margins and customer relationships for those banks that don’t.”
What is Open Banking and the effect on Banks
Financials Services Offered through TPP’s
Financial services will be delivered through third parties using open source technology (APIs for example) that are integrated into traditional banking infrastructure
Game Changing Regulation for banks
It’s not only a regulatory compliance and technology challenge, but also a strategic and operation one. Meeting the challenge requires a clear strategy, operations and infrastructure change, a clear focus on assessing and managing risks and meticulous execution
New Entrants, Strategic Ambition and Positioning
Opening bank’s payment and account information dramatically shift the competitive landscape. Direct engagement with customers no longer an advantage for the banks but to be shared with FinTech's, Technology Firms, Retailers and Telecommunication Providers
High Level Snapshot Overview
- Content and Context aware data processing
- Orchestration of data flows from API Gateway to/from back office applications
- Support for JSON, ISO 20022, Custom formats
- Handling of API request status notifications
- Fully audited processing of in and outbound messages
- Platform deployment agnostic
- Integration via RestFUL APIs or in-house mechanisms via existing ESB/Middleware
- Easy to configure new transformation mappings & 24X7 Operation , Highly Scalable to handle any data volume/size
- Provides single platform to address PSD2 regulatory compliance
- API Middleware & Management Framework
- API Bridge integration to Core Banking
- Secure Development Portal & Sandbox
- PSU Consent & Fulfilment Modules
- SCA Integration with Online Banking
- ASPSP’s TPP Onboarding Portal
- Risk Management Dashboard
- GRC Framework on PSD2 & Consultancy
- Risk Assessment & Cyber Security audit through our Strategic Partners
Our Offering
- Project Management & Consultancy – PSD2 Lifecycle
- Secure, Scalable API Middleware to comply with CMA – FCA external TPP ecosystem
- Developer Portal, Sandbox, Risk Management Dashboard, Incident Management and Reporting Framework
- Ongoing Consultancy as more changes are expected in the next 3 years by FCA & OBIE
- Risk, Operational & Compliance Governance framework and assistance offered through our Strategic Partners
- PSD2 Compliance Audit to certify the solution according to FCA’s requirement offered through our Strategic Partners
- GAP Study and Remediation Framework by Senior Consulting team ( UK & Offshore)
PSD2 Technical Landscape & Our Product Feature and Offering Presentation
| Annual Recurring Licence Cost - SAAS (Software as Subscription) Model | ||
|---|---|---|
| 1 | API Gateway and Management Layer Integration (30 plus end points) plus TPP Onboarding Platform. This will be constantly upgraded as more RTS version release | On Request |
| 2 | Sandbox to test Bank’s Test Environment on accessing API’s by TPP. This is part of the March 2019 FCA Compliance requirement and ongoing integration with future RTS versions. | On Request |
| 3 | Developer Portal along with API Kit for TPP’s to Test and Integrate with Bank’s API Gateway. | On Request |
| 4 | Consent Authorisation and Management Secure Portal, FCA reporting Dashboard on incident management | On Request |
| 5 | API – Bridge Implementation with Core Banking Solution. Require high level of engagement with CBS API End Points. | On Request |
| 6 | GAP Study on Bank’s ASPSP readiness including Phase-gate analysis in achieving compliance. Includes detailed project plan with stakeholder responsibility and key deliverables (12 days). | On Request |
PSD2 Project as a Turnkey Implementation (Optional) – ( Banks can opt for this option where Macro Global will take full responsibility of project execution with the satisfaction of FCA and sign off with less resource requirement from Bank.)
| One-Off Cost | ||
|---|---|---|
| 7 | Project Management through MACRO GLOBAL’s PMO Team (Split into 4 weeks initially and another 12 Weeks from March 2019 to August 2019 to complete the entire integration) – Senior Consulting team – UK Resources with 15 years of Payment and Regulatory experience | On Request |
| 8 | Mandatory Risk Assessment and remediation based on FCA-EBA guidelines SUP-98(2) – (5 weeks engagement.) – Using both onsite and offsite resources. | On Request |
| 9 | Consultancy for offering strategy and plan for phased integration to achieve compliance and scaling up for future business Oppurtunities as an aggregator by providing AISP & PISP services. (As required but usually takes 15 days and spread across to four quarters) | On Request |