Securing Your Open Banking Services

Introduction to Open banking

Open banking is transforming the financial industry as we know it, providing consumers with greater control over their financial data, and businesses with new opportunities for growth and innovation. By enabling financial institutions to share customer data with third-party developers through open APIs, open banking is driving the development of new services and experiences that were once unimaginable.

Application programming Interfaces (API) drive the Core Innovations

APIs (Application Programming Interfaces) enabled banks to easily share customer data with external third parties (Fintechs) which have led to the use of BaaS to provide financial services as part of integrated customer experiences.

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A great definition to open banking Is "Permissioned access to account data and services through APIs". Markets of regulated open banking offer premium API which gives access to customer data. Data sharing is usually tied to other banking capabilities to create an effective value proposition. BaaS is a subset of open banking, but almost all the activity in open banking is a function of BaaS because what people want is overall solutions, not just shared data. To ensure the security of open banking systems, there are several requirements that financial institutions and third-party developers must adhere to. These requirements are typically established by regulatory authorities or industry groups and can vary depending on the region in which the open banking system is operating.

Open Banking security risks and regulation mandates

Banks and fintech have enough history and experience on risk and regulations around IT (Information Technology) and Software development; where many have taken to lead and predict what regulating bodies including SAMA (Saudi Arabian Monetary Authority) ?would expect from the banks to secure the business services and protection of data.

Some common open banking security requirements include:

·Strong authentication

·Secure Applications

·Data protection

·Risk assessment and management

·Cybersecurity

·Regulatory compliance

How Opentext Cybersecurity can help

At Opentext Cybersecurity, we are passionate about helping financial institutions and third-party developers embrace open banking while keeping their systems and data secure. Our suite of cybersecurity solutions includes application security, identity and access management, API gateway security, data protection, and security threat monitoring. We also provide advisory services to help you navigate the complex regulatory landscape of open banking and ensure that you are compliant with all relevant laws and regulations.

Our team of experts has deep expertise in open banking security and understands the unique challenges and risks associated with this emerging field. We work closely with our clients to develop customized solutions that meet their specific needs and help them stay ahead of emerging threats and vulnerabilities.

By partnering with Opentext Cybersecurity, you can be confident that your open banking systems are secure, compliant, and protected from cyber threats. This allows you to focus on developing new and innovative services that meet the evolving needs of your customers and stay ahead of the competition.

In summary, open banking is a powerful force for change in the financial industry, but it must be approached with caution and care. With Opentext Cybersecurity, you can embrace open banking with confidence, knowing that your systems and data are secure, and that you have a trusted partner by your side every step of the way.