VolPay Channel: Open Banking

Accelerate your PSD2/Open Banking API integration

An era of openness takes hold

With the go live date for 2nd wave of the Payment Services Directive looming large, the changing payments landscape for banks across Europe is quickly becoming a reality.

With the possible exception of the new and highly focussed challenger bank entrants, unencumbered by legacy technology and siloed business domains, most banks across the EU, and UK despite Brexit, will face significant challenges implementing the mandated access to their customer accounts, commonly referred to as XS2A.

Banks will need to implement modern API management layers, the like of which haven’t been seen in the Financial Services industry previously. This will be ensure the payment initiation and account information requests that third party providers (TPPs) initiate are processed securely following the Strong Customer Authentication (SCA) guidelines expected in the finalized EBA RTS which are due later in 2017.

However, this is only part of the technical challenge faced by banks. They will need to ensure seamless integration with their back-office applications that must service the requests made by their customers via the TPPs. The technical integration and orchestration of the API requests and responses will require careful design and technology that can ensure easy management of the data formats and transformations that will inevitably be required.

How Volante can help

Volante has been providing innovative integration products to its clients in the banking industry for over 16 years, ensuring they can successfully deliver IT transformation and new system implementations in time and hugely under budget. Our technology has been designed to ensure integration projects such as those required under PSD2 can be easily implemented.

Volante has developed innovative solutions for financial message integration challenges that can be simply tailored to a bank’s specific requirements through configuration not coding. Our underlying integration technology is ideally suited to Rapid Application Development and Agile delivery methodology.

Volante’s Open Banking/PSD2 solution – VolPay Channel: Open Banking

Building on Volante’s VolPay Channel business application, the VolPay Channel: Open Banking solution enables banks to rapidly integrate their back office servicing applications, including payment engines and core banking account holding systems, with the front end API management layer, that provides the secure managed access to the banks environment via defined APIs.

Volante Technologies Open Banking

Solution Features

  • Content and Context aware data processing – the solution will recognize the particular API request (JSON/ISO 20022 based format) and transform to the appropriate target system data format
  • Orchestration of data flows from API Gateway to/from back office applications – after transformation, the application will route the resulting request to the relevant back office application; new routes to different target applications can be easily configured through business rules
  • Handling of API request status notifications – the relevant response messages can be generated by the application
  • Support for JSON, ISO 20022, Custom formats – Volante supports an extensive range of data formats, as well as enabling easy modeling (and transformation to/from) of proprietary legacy system data structures; many transformations are available out of box and/or can be developed by our message standards teams
  • Fully audited processing of in and outbound messages all processing of API message flows/transformations/exceptions is fully audited
  • Platform deployment agnostic – Volante’s Java based products and developed code is fully platform agnostic and therefore can be targeted at any operating environment and can be easily deployed on a bank’s existing middleware, integrated into applications or run as a standalone application.
  • Integration via RestFUL APIs or in-house mechanisms via existing ESB/Middleware – all processing in the VolPay Channel: API Bridge solution can be executed via Rest APIs; we also support easy integration to interfacing solutions via REST API
  • Dashboard for operational control – Banks’ Operations teams will have access to full monitoring of the API messages flows and metrics can be easily extracted
  • 24x7 operation – all Volante solutions are OSGi compliant and support non-stop operation with hot swapping
  • Easy to configure new transformation mappings – message and data transformations can be easily modified or created using the provided Volante toolkits
  • Highly scalable – the VolPay solution is designed to allow elastic scaling according to processed volumes. Some of the very largest financial institutions in the world depend on Volante Technologies for the timely processing of very large volumes of data