The PSD2 (Payment Services Directive 2) Open Banking requirement obligates all banks within the European Union Single Market to ‘open up’ their customer data to allow authorized third parties secure access to account information for making payments and carrying out other kinds of banking and financial transactions. The third parties fall into two categories AISPs (Account Information Service Providers) and PISPs (Payment Initiation Service Providers).
It is expected that communication between the parties will be via an ‘API’ based infrastructure involving many hardware and software components. End-to-end testing of these complex infrastructures will be problematical, time consuming and error prone leading to increased costs, on-boarding delays and reputational risk.
Ostia’s have used our Portus EVS product to create a fully functional transactional sandbox that implements both the accounts and payments APIs published by The Open Banking Implementation Entity in the UK (OBIE). Ostia’s sandbox has been certified as conformant by OBIE and is therefore compatible with any bank implementing this standard. This offers and delivers a simple and convenient solution that minimises many of the issues highlighted above. The sandbox can be made available in the cloud or on premise in a matter of hours to AISPs or PISPs. This allows all parties to simulate the testing of the end-to-end process without the infrastructure actually being there.
This removes the need for early full technical integration as the Portus sandbox speeds all the parties through their individual testing processes prior to the final infrastructural integration. With the Portus sandbox, the bank can on-board AISP/PISPs in days freeing resources to other priority tasks. This saves banks and AIPS/PISPs up to 70% of testing costs and elapsed time by enabling the E2E connectivity and compliance certification before access to the end-state environments:
With Portus, AISPs and PISPs can simulate the testing locally without access to the bank:
Benefits to a Third Party Provider:
Benefits to Banks