Open Banking

Overview

Open Banking is a system that allows access and control of consumer banking and financial accounts through third-party providers. Users need to provide consent to share the information with third-party providers.

Temenos Digital has released the following services, leveraging open banking to offer innovative, customer-centric solutions.

The Temenos Digital Mobile Banking application (Native app) supports Third-Party Providers (TPP) in obtaining account permission and payment initiation.

Temenos Digital has introduced the following services, leveraging open banking to offer innovative, customer-centric solutions. Temenos Digital supports two schemes (Berlin group standards and UK open banking) as part of the open banking solution.

• Account Information (Supports both Berlin group and UK open banking standards)
• Payment Initiation
• Funds Check (Confirmation of Funds)

Glossary

Terms	Description
TPP	Third Party Provider
AISP	Account Information Service Provider
PISP	Payment Initiation Service Provider
PSD2	Payment Services Directive 2
CBPII	Card based Payment Instrument Issuer

Integration with Transact using IRIS APIs

The following features are integrated with Transact using IRIS APIs to fetch, display and update the information performed by the end users.

For Berlin Group Standards

• Account Information (PZ) supports account information and funds checking flows from TPPs managed PZ. PARAMETER.
• Payment Initiation (PX) supports Payment Initiation flows from TPPs managed PX. PARAMETER.

For UK Open Banking Standards

• UK Account information (UKOBPZ) supports account information flows from TPP managed UKOBPZ.PARAMETER.

Integrations	Description
Stub	The solution is a simulated flow with mock data using the sample app.
Transact	The solution is integrated with a sample app and Transact core banking application.
Transact and Salt edge	The solution is integrated with Salt edge and Transact core banking application (No Sample app).

Temenos Digital supports Universal link and application links. For more information, see Universal links.