The Dynamics and Structure of the Open Banking Architecture

Open Banking Architecture is a secure framework that allows regulated data sharing between banks, fintechs, and third parties via open APIs. This structure fosters competition and innovation, enabling services such as Payment Initiation, money transfers, and personal finance management. By adopting global standards, like ISO 20022, institutions can not only enhance customer experiences but also innovate new financial products efficiently. Download our detailed open banking architecture PDF for a deeper understanding of how these systems work.

The implementation of open banking architecture comes with its set of regulatory and technical complexities. Financial institutions must secure data, ensure system availability, and comply with evolving regulations. GFT assists banks in addressing these challenges by leveraging scalable microservices and robust API governance to streamline processes while ensuring compliance and data security within the open bank architecture framework.

Open banking architecture is also integral to the rise of faster payments, which are transforming real-time financial transactions, especially in regions like the EU and South America. GFT helps banks implement faster payment systems that not only improve processing times but also enhance security. By optimising the open bank architecture, financial institutions can offer seamless and secure experiences to their customers while staying competitive in an evolving landscape.