Open Banking and the EU’s PSD2 regulation are pushing banks around the world to strengthen their security strategies. Banks that take an active security stance and go beyond simple regulatory compliance can turn security into a business asset and build trust with customers.
What do banks need to consider?
With remote electronic payments transactions, PSD2 again requires payment service providers (PSPs) to apply strong customer authentication.
By providing APIs to third-party payment providers, banks open a greater attack surface to potential cyber adversaries.
Fraud and financial crime
Under PSD2, banks can block third-party access to an account if they have evidence the activity is unauthorized or fraudulent.
The future-ready bank positions security as an enabler with capabilities and behaviors that stifle hackers and keep customer data secure.
A successful Open Banking transformation will require security teams to adapt continually—keeping pace with shifting business objectives. Accenture clients count on our experience in security technology to guide them on their Open Banking journeys, and we welcome the opportunity to talk with you about yours.
Since creating systems with open APIs represents a “greenfield” development for many organizations, it provides a one-off window of opportunity to do things right from the start.