Temenos supports financial institutions with their obligations for Open Banking, including directives such as PSD2. Temenos also enable banks to take advantage of the opportunities arising from the emergence of an open banking market.
Our bilateral solution enables the secure sharing of information with authorized TPPs and also provide Account Aggregation capabilities for banks wanting to become AISPs.
Our out-of-the-box APIs support several API Guidelines to facilitate requests from third-party providers (TPPs). We assist requests to be fulfilled securely and consistently and give your customers full control over the accounts, data and services they provide external access to.
Our Temenos Infinity solution enables broader open banking strategies through the aggregation of third-party accounts.
Facilitating an Open Banking Market
Temenos supports numerous banks with Open Banking obligations internationally.
We support our clients with different Open Banking API Guidelines and enable aggregation strategies for banks looking to become an AISP.
Temenos’ API framework provides brand new enterprise APIs aligned with various published API standards including:
• Berlin Group (an API implementation guideline used widely across the EU)
• UK Open Banking
• Australian CDR
Account Information APIs
Our APIs support the following account information APIs from regulated AISPs:
• Get Accounts
• Get Account Details
• Get Account Balances
• Get Account Transactions
• Get Transaction Detail
Open Banking Consent Management
A configurable Open Banking Consent Management framework enables your customers to control the sharing of account information and access to services.
Payment Initiation APIs including Payment Transparency
Support for the following Payment Initiation APIs from regulated PISPs:
• Payment Initiation
• Cancel Payment
• Get Payment Details
• Get Payment Status
Including Payment Transparency functionality helping your customers to be aware of the fees and charges related to transactions.
Confirmation of Funds
Support for Confirmation of Funds requests from regulated CBPIIs.
Temenos provides Open Banking User Agents to assist with your customer’s open banking journey.
Our User-Agents allow your customers to, in simple terms, view exactly what a TPP is requesting before confirming access to information or services.
Our Temenos Infinity solution enables a fully digital banking experience, including account aggregation functionality.
Enable aggregation strategies through gathering consent and third-party banking data so a user can obtain a total banking view in their banking app.
Third-Party Bank Connections
We use micro-services to capture and store all the necessary banking data from third parties and utilize industry-leading connection providers to connect securely to third party providers via APIs.
Security and Non-Repudiation
Enhanced security functionality and non-repudiation services to assist with traceability of TPP requests and aid with tamper-evident logging for PSD2 requests.
A Policy Engine to assist with transaction analysis, which contributes to Strong Customer Authentication (SCA) requirements under PSD2.
The widespread uptake of disruptive new technologies is exacerbating the pressures facing retail banking today, thereby driving a fundamental change in the structure of the industry: the digital-driven disintermediation of the banking value chain.
Open banking which is based on data sharing, is an unlikely short-lived trend and is gaining momentum in Asia Pacific. In this white paper, a joint venture by Microsoft, Linklaters and Accenture, explores the various drivers behind open banking in Asia Pacific, as well as the challenges financial institutions and regulators will have to address to ensure all participants can reap the benefits.
Kam Chana, Senior Digital Strategist, Temenos outlines how we can help the SME sector become more relevant by using the data from Open Banking and AI to make banking human again.
lectronic Money Institutions (EMIs) are a relative newcomer to the financial services landscape – particularly in their visibility to the wider market. They are not banks but they are challenging banks in many ways, including their business model – but how are they driving this change?
Nearly half (45%) of global banking executives are set on transforming their business models to become digital ecosystems
Retail Banker International – Temenos: Data must flow in all directions for open banking to truly succeed
Open Banking was lauded as the game changer for financial services to revolutionize their offerings and promote competition in the industry.