Client Background:

Client: A large global bank based out of the UK. The client is one of the nine largest banks in the UK, as determined by the Competition and Markets Authority (CMA) as part of the Open Banking initiative

Industry: Banking

Areas of Operation: Worldwide

Challenge:

The bank needed a strategic partner for implementation of Open Banking in Corporate Banking, in the UK and Europe region per compliance guidelines and timelines. It required the creation of Open APIs from mainframe systems with multiple standards that needed to be considered [Open Banking (UK), Berlin Standard (Germany) and STET (France)] as a part of this project because of the geographical expanses of the bank’s operations.

Solution:

• The bank had a complex legacy and core systems landscape. It had an additional challenge of modernizing its IT legacy landscape while simultaneously adopting country spec standards, creating compliance APIs for their vast banking portfolio. The scope required Open Banking compliance for all major payment types including Priority Payment, Inter Account Transfer, SEPA Credit Transfer, ACH Payment, Tax payment, and Standing Order.

• Payment orchestration for TPP (third-party provider) originated payment types to reach existing payments systems/ schemes through BACS, CHAPS, Faster Payments etc. and further converted to Domestic payment, International Payment, SEPA etc.

• Wipro, using a streamlined Agile delivery model, built new Open Banking APIs and created from mainframe systems, which could handle the existing complex functionalities and exposed them through a developer portal as specified in PSD2. 

• Documentation and creation of wireframes for functionalities, mapping and processes – toward internal use, audit checks, and to help new TPPs link up to the bank’s system

Business Impact:

• Successful delivery of Open Banking compliance program for all three standards within the stipulated timelines. The bank could have faced penalties/ fines for non-compliance if there were delays.

• Integrated the existing complex logic in mainframe with newly created Open Banking APIs

• Automation of processes and testing for faster time to compliance

• Refactor and re-use of APIs for other geographies helped save cost