23 May 2019

Open Banking Implementation Entity V3.1 Conformant Sandbox In the Cloud

Written By Ostia Solutions in Open Banking

Open Banking Implementation Entity V3.1 Conformant Sandbox In the Cloud

Irish and UK banks who wish to comply with the CMA and EU Directives must make APIs available to access their customer account information and to make payments.

This is an inherently risky prospect for the complex and expensive back office systems that the banks must open up when on boarding TPPs. In addition, a shared testing environment that TPPs must share has the potential for TPPs to step on each others toes and bring down the entire environment.

Ostia solutions can address these issues today in a totally risk-free manor with our sandbox which implements and integrates all 4 parts of the OBIE V3.1 read/write standards namely:

  • Account and Transaction API Specification - v3.1

  • Payment Initiation API Specification - v3.1

  • Confirmation of Funds API Specification - v3.1

  • Event Notification API Specification - v3.1

This runs in a Cloud environment and a seperate environment for each TPP can be provided in a cost effective way.

The functionality is as follows:

  1. We can supply a fully functional Open ID server for identity and consent management _or_ we can integrate with your identity management stack if you prefer.

  2. We can create multiple accounts based on synthetic but realistic data using common names, surnames and addresses but which represents no real people so is 100% GDPR compliant.

  3. In addition, we can create persona-based transaction data which reflects different persona types (e.g. transaction profile of a single person in their 20s, married couple with 2 children in their 30s, married couple with no children in their 50s etc.)

  4. We provide a GUI that enables the viewing, creation, deletion and updating of this data.

  5. We provide a GUI that demonstrates:    

  6. How an AISP connects and gets consent to access account details on behalf of a PSU.

  7. Shows all the available data associated with a PSU once permission is granted.

  8. Shows the payments process in action including the full consent management process.

  9. This GUI uses :

  10. the Accounts APIs made available from our sandbox which is protected by our (or your) Open ID Connect Oauth server.

  11. the Payments APIs made available from our sandbox. Payments using these APIs are only possible if the account balances allow for the debit and reflect in the accounts balances of the accounts impacted by a payment. In addition, appropriate transactions records are written for each account.

  12. The CBPII funds available APIs which also check the appropriate account record and return a true/false positive based on whether these accounts are available.

  13. The TPP notification API for a TPP to register a URL for a callback from the ASPSP under appropriate circumstances.

  14. These APIs are ultimately published as a swagger file from the sandbox such that they can be used directly by a TPP – our GUI is simply a demo of what is possible.

Up Next ...
22 November 2024

Eden AI raises €3M seed round to bridge the gap between AI models and business needs

Eden AI, which works with more than 500 organisations including the Council of Europe and Atos, translates sophisticated AI models into practical tools for businesses...

22 November 2024

City Bank Adopts TranzAxis for E-Commerce Payment Solutions

This decision aligns with the bank’s focus on digital transformation and improving online transaction processes for merchants.

22 November 2024

Zellis summit maps bold future of innovation

Event showcases Zellis HCM AIR, realtime payroll, and AI-enhanced features

21 November 2024

Nubank Explores Legal Domicile Shift to the UK Amid Regulatory Changes

The decision, reportedly under discussion with the UK government, aligns with the UK’s efforts to attract global tech firms

More in Open Banking

Eyal Sivan aka Mr. Open Banking joins Ozone API as General Manager for North America

06 February 2024

Ozone API, a leading technology company specialising in open banking ...

Ozone API and CLOWD9 Announce Strategic Partnership in Open Banking

30 January 2024

 Ozone API and CLOWD9 are delighted to announce that they ...

10x Banking and Ozone API join forces

14 November 2023

10x Banking (10x), the transformational cloud-native SaaS core banking platform, ...

White Papers Open Banking

Weavr: Why embedded finance should be a strategic priority for the future of work sector

07 July 2022

Download this report to learn more about how embedded finance will change the way we work in the fut...

White Papers Open Banking

Whitepaper: How are companies (REALLY) embedding financial services?

07 July 2022

Embedded finance remains a hot topic, so how do you get past the hype and predictions to find out ho...

White Papers Open Banking

Open Banking and The Rise of Banking-as-a-Service

07 July 2022

To succeed in the world of Open Banking, incumbent banks running on legacy systems will need to digi...

White Papers Open Banking

Stripe on: The rise of embedded finance

07 July 2022

Embedded finance is a growing trend across payments, banking, lending, wealth, insurance and payroll...

There are no Events in this category