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Open Banking Accelerator Open Banking Accelerator - Relea

About This File

The Open Banking Accelerator gives a 360-view of a customer's financial health through the use of open banking APIs. It masters the data allowing for cleansing and governance, and then exposes this data in s standardized way using virtualization. It also provides lightweight fraud detection and customer offer management to illustrate how these concepts could be addressed. Refer to the TIBCO Risk Management Accelerator and TIBCO Next Best Action Accelerator for more detailed implementation of these concepts.


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And here's a video showing the Accelerator in action.

Business Scenario

There have been fundamental changes in the financial services industry over the past few years. This has been driven by a combination of new regulatory requirements and enabling technologies that give customers better rights over their personal information.

Open Banking typically gives consumers the right to access certain data about themselves and have this information safely transferred to trusted third parties. It is part of a move towards an Open API Economy that will span multiple industries, not just financial services. It is related to data privacy initiatives like GDPR and Open Data, but is also driven by regulatory requirements like PSD2 in the UK and CDR in Australia.



Benefits and Business Value

The benefits to customers is two-fold. Firstly, it reduces the friction of changing financial service providers, which ultimately leads to better service and greater competition. It also gives access to new and innovative financial products and services including better financial tools.

Technical Scenario

The Accelerator show how customer financial data can be aggregated from disparate data sources and then cleansed and governed in a master data management repository. Transactions flow through the system and uses the master data to enrich and contextualize individual customer transactions. Then lightweight fraud detection and personalized offer rules are applied and suitable actions taken in response.

The demonstration uses the Australian CDR format for master data, but other formats such as PSD2 could be added as an additional virtualization layer.

Customer master data is captured from a number of sources via APIs. In this demonstration the integration component is implemented in TIBCO Streaming and it will pull bank products and details from 4 major Australian banks through their publicly available APIs. This data is then mastered in TIBCO EBXTM where it can be cleansed and governed. Additional customer master data is stored in various repositories in EBXTM.

This master data is then captured and virtualized, combined with data from other sources using TIBCO Data Virtualization. This data is then available for internal systems to access and apply.

The main business rules engine is also implemented using TIBCO Streaming as the Event Manager. This captures a stream of financial transactions, enriches it using the virtualized data and then stores it in a live repository. A data science model is applied against the transaction stream to determine the likelihood that a given transaction is fraudulent and if it exceeds a configurable level it will be flagged for investigation. In addition, the full customer context pulled from the virtualization platform and then analysed by the offer platform to make personalized offers to the customer for products that they may be interested in.



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