Open Banking Enablement Service offers secure and consent-based access to open banking data via APIs
Open banking has become a driver for innovation in Financial Services. It allows people and businesses to share their financial data with third-party providers (TPPs) in a safe and secure manner, enabling access to innovative financial products and solutions. It has spread globally, with some geographies mandating it through regulation (for example, Payment Services Directive 2 [PSD2] in Europe, Consumer Data Right [CDR] in Australia), while in other geographies (such as the US) it is market driven.
Financial institutions (FIs) worldwide are ready to embark on the journey towards open banking. FIs on this journey need to ensure seamless and secure exchange of data and resources, expedited product innovation, improved customer experience, efficient onboarding of TPPs, and optimized time to market.
Capgemini's consulting offer Open Banking Enablement Service distills their experience helping FIs achieve success in their open banking journey. Capgemini investigates your unique context, priorities, and use cases and delivers a solution that lays the foundation for success in open banking. The solution realizes seamless and secure exchange of data and resources by creating an integrated API framework along with an industry-standard open banking security profile for consent management. It also enables efficient onboarding of TPPs by implementing dynamic client registration.
Product innovation is enabled by launching a developer portal and sandbox for effective collaboration with TPPs. Depending on the context, Capgemini brings a rich library of use cases that could be used as input for product innovation. Customer experience is a challenging topic in the context of open banking especially due to the involvement of multiple parties in the value chain. Capgemini works with you to design an end-to-end customer experience in a seamless and trusted manner. For faster time to market, Capgemini has built an open banking platform that implements all of the above features.
Australia, Bahrain, Belgium, Canada, France, Germany, Italy, Luxembourg, Malaysia, Netherlands, Portugal, Singapore, Spain, United Arab Emirates, United Kingdom, United States
Fast track to open banking
Quickly and securely interact with TPPs in the open banking ecosystem.
Building innovative propositions
Developer portal and sandbox to enable joint build of innovative customer offerings with TPPs.
New revenue streams
Rapidly onboard TPPs to enable new revenue streams.
Start small at minimal cost but maintain the capability to grow and scale up to meet business needs.
How it works
About this consultant
How it works
Capgemini's Open Banking Enablement Service is focused on creating a strong foundation for a FI's open banking journey. As a part of an open banking journey, FIs typically look to implement a number of use cases across multiple lines of business with different TPPs. Establishing a strong foundation early in the life cycle accelerates the entire journey.
Capgemini's engagement methodology is highly collaborative, and Capgemini's consultants strive to provide an experience that works for you and your specific context. The typical engagement journey is described below as a starting point.
The engagement begins with the identification of business drivers and use cases. Capgemini will work closely with the FI for initial identification of focus areas and business lines to benefit from open banking. Drivers like regulatory compliance needs, alignment with the FI's vision and strategy, and business/market potential are used to build consensus. Capgemini's library of domain-specific use cases and understanding of competitive market landscape is used to accelerate the overall process by agreeing upon a set of use cases to be followed.
Once consultants and FI are aligned on their approach to the engagement, Capgemini and FI pick one of the prioritized use cases defined in the preceding stage and work towards collaborative realization of the use case between the bank, Capgemini, and any TPPs. Capgemini will bring the open banking platform to expose relevant APIs, onboard the TPP, manage consent life cycle, and launch the developer portal and sandbox to enable TPPs to integrate with the sandbox. The sandbox launch acts as a proof of value and highlights how the overall solution works.
In the final stage, the sandbox deployment is industrialized across the FI's focus areas. Capgemini will create a detailed statement of work (SOW) to progressively realize all prioritized use cases. This includes the complete deployment and configuration of the solution on your AWS infrastructure via AWS CloudFormation templates as per the reference architecture, implementation of an open banking security profile, TPP onboarding, and deployment of all components necessary to realize the use cases. As an optional service, Capgemini can work with you to identify and curate partners relevant to the context of the use case.
1) Discover and prioritize
Deliver open banking transformation map and prioritized list of use cases2) Sandbox launch candidate
Identify a use case as launch candidate. Finalize collaborative delivery model between FI, TPP, and Capgemini
3) Launch sandbox
Launch sandbox as proof of delivery model and proof of value
4) Industrialization SOW
Detailed SOW to help FI iteratively launch multiple use cases with TPPs
Stakeholder identification and access
To enable Capgemini to map business priorities and use cases
If the FI has already determined the TPP for the first use case, Capgemini would need access to the TPP
FI must provide Capgemini consultants with access to AWS environment for the duration of the engagement
Security policies and controls
Access to FI's internal security policies and controls
About this consultant
Capgemini is at the forefront of innovation to address the entire breadth of clients’ opportunities in the evolving world of cloud and digital. With a multicultural team of 265,000 people in over 40 countries, Capgemini has trained 8,700 employees to work on AWS environments and employs over 2,400 certified AWS professionals.
Capgemini is an AWS Managed Services Provider Partner and an AWS Well-Architected Partner. Capgemini has achieved multiple AWS Competencies, including the AWS Financial Services Competency.
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