FIs and fintechs need to get ready for open banking. This includes developing robust strategies around how to leverage open banking, as well as building out the necessary infrastructure. While aggregators will play an important role on the data in side, there are additional capabilities that need to be put in place. That is where Trask’s Data In Open Banking solution comes in.
The Connector harvests data from aggregators and financial institutions, stores them for you, enriches them and includes all necessary logic such as consent management, regular synchronizations, etc.
The solution can be deployed on-premises or in your cloud tenant (GCP/AWS/Azure) to keep the data under your control.
You can be up and running on-premises in your data center or in your cloud tenant in two months and for an order of magnitude less costs than building it yourself.
Having your own solution (and not relying on a commoditized SaaS service from aggregator providers) will give you the required flexibility and extensibility to customize the solution according to your needs.
The connector comes with an embedded aggregation engine that allows you to directly aggregate the premium or special-purpose APIs from banks not available through aggregators.
Trask has deployed this Data-in platform for 14 clients, in both on-premises and SaaS deployment models. Trask worked with all of these clients to customize the solution to fulfill their specific needs.
– connects to selected aggregators,
– stores data on-premises in your bank (or in your cloud tenant),
– offers aggregation engine to aggregate less-common APIs,
– ensures synchronization of data,
– stores securely sensitive client tokens
– does consent management
– handles authentication flows
– normalizes data and does data quality improvements,
– emits events as an event stream data source
– has optional categorization and analytical engine
– has sophisticated test environment with Mock Bank implementation
Trask BAAPI solution significantly helped us speed up the implementation of PSD2 services thanks to a unified API. At the same time, the service for customers is very fast and convenient, which corresponds to our vision of how Zonky peer-to-peer lending platform should work.
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