Open Banking

Open banking is an initiative that aims to build a more transparent and client-oriented financial ecosystem by giving third-party developers secure access to the infrastructure and data of banks and other financial institutions through a set of APIs. Master works provide unparalleled value in open bank initiatives, by leveraging expertise in regulatory compliance such as PSD2, data and security and organizational and cultural transformation experience.

Capabilities

Strategy and governance: Master works helps your organization define a clear strategy for implementing open banking and establish governance that guarantees regulatory conformance and standardization.

API and Data security: Master works offers OAuth, Consent, and Payment Initiation APIs for Open Banking Compliance and provides reliable open banking with the highest uptime and deepest coverage. Master works helps you establish payment initiation API gateway that manages payment initation, transactions, and balance services. The implemented secure open banking APIs enable third-party providers to access customer account information via APIs, with secure authentication and authorization mechanisms, such as OAuth, to ensure that only authorized parties can access sensitive data. On top of that encryption is used to protect data in transit and at rest. Additionally, robust access controls and monitoring mechanisms to detect and prevent unauthorized access and data breaches is put in place.

Integration for open banking and customer experience: Master works architects and implements integration with legacy systems and third parties with focus on overall customer experience. The result is that your organization has a rich and unique satisfactory customer experience built on a robust and extensible integration tier that capitalizes on your core systems and third parties.