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Open Banking Success: Enhancing Customer Experience & Compliance

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Overview.

A major retail bank with over 102 million customers needed an Open Banking solution to comply with regulations and empower customers to securely share data with third-party services. Coforge partnered with their Business As Service team to develop and integrate Open Banking APIs.

Capabilities.

Challenges.

  • Enable secure data sharing with authorized third parties.
  • Comply with Open Banking regulations (PSD2) for Account Information Services (AIS) & Payment Initiation Services (PIS).
  • Enhance customer experience by offering new features like account balance viewing without login.

Solution.

  • Collaborated with the client's BAS team for Open Banking API development, testing, and maintenance. 
  • Implemented key features like Two-factor Authentication (2FA), Quick Balance, and Open Banking functionalities. 
  • Integrated APIs with the bank's mobile banking app for seamless access. 

The Impact.

Metric Benefit
Cost Reduction Reduced API development costs through internal API reuse.
Compliance Achieved compliance with Open Banking regulations.
Open Banking Features Delivered new features like variable recurring payment API.

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