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Consultancy Services

 

Our pricing model consists of three Open Banking modules that are not determined by transaction volumes. This translates to direct cost reductions for the financial institution. Below we explore these modules - whilst also providing details of our tailored ‘Open Banking in a Box’ product.

 

Navigation: Open Banking APIs > Products & Services

Open Banking Products Services Caspian One.jpg
 

Open Banking Consultancy Services

 

Our pricing model consists of three Open Banking modules that are not determined by transaction volumes. This translates to direct cost reductions for the financial institution. Below we explore these modules - whilst also providing details of our tailored ‘Open Banking in a Box’ product.

 

Navigation: Open Banking APIs > Products & Services

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Directory module

The Open Banking Directory enables account providers, i.e. banks, building societies and payment companies - to verify the identity of regulated third-party providers (TPPs). If you’re a regulated TPP, you can manage the digital certificates and software statements you require for connecting to account providers, thereby creating an ecosystem. The OpenID Foundation enables deployment of OpenID Connect and the ‘Financial-grade API’ (FAPI) Read/Write Profile to be certified to specific conformance profiles - promoting interoperability among implementations.

 

ASPSP module

Account providers include banks, building societies and payment companies - also known as ‘Account Servicing Payment Service Providers’ (ASPSPs). For account providers, Open Banking is a Government-backed solution for enabling secure third-party access to payment accounts. It supports compliance with PSD2.

TPP module

Third-party providers (TPPs) are ‘Account Information Service Providers (AISPs) and ‘Payment Initiation Service Providers (PISPs). It allows customers to access new products and services from regulated TPPs via APIs. The TPP module is also available for ASPSPs to ensure their APIs are compliant with the standards and allows for confident external testing of production APIs.

CoP-In / CoP-Out module

‘Confirmation of Payee’ (CoP) process confirms the payee’s account name with the relevant ASPSPs where the client account is held prior to the funds being transferred. The purchase price is subscription-based and not transaction volume-based as with many competitors.

 
 
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Services - High level

  • Advisory: Support with the API strategy for the firm, supporting governance, data control, security & training

  • Strategy: Design and implement a strategic architectural environment to support the future of Open Finance

  • Operational: Manage the external partner’s environment with working groups, Confluence, support desk

  • Control: Support the governance and control of internal/external service offerings

  • Integration Partners: Extend our services to connect your customers efficiently

Open Banking in a Box

 

Open Banking in a Box’ is a product by Caspian One which provides everything needed to build a successful Open Banking business.

As a complementary offering, through our work assisting and advising governments and finance ministries to develop the regulations around Open Banking – we are uniquely positioned to assist clients in the interpretation and implementation of OB standards.  

Caspian One’s testing suite of products provide an accelerator Open Data implementation, with our team of experts readily available to provide an Open API concierge service: from advisory, training and education to planning, strategy, implementation and quality control.

 
 
Analysis Open Banking Caspian One

Analysis

  • Development of standards through industry collaboration 

  • API performance and availability metrics 

  • Volumetric & MI – API call volumes, failed, success, etc. 

  • Support of TPP issues and resolution 

  • Analytics of client transaction history and credit scores

API Open Banking Caspian One

API

  • Aggregation of client account history & transactions 

  • Single immediate payments, future dated payments, variable recurring payments (VRP) 

  • Customer experience guidelines ensure a frictionless client journey 

  • Operational guidelines ensure API environment compliance

 
 
Innovation Open Banking Caspian One

Innovation

  • Consumer behaviour drives bank innovation

  • Technology enables innovation and enhances customer experience

  • Digital products satisfy customer adoption

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Build / Integrate

  • API in a box – fast deployment and integration with backend systems 

  • TPP onboarding and integration support

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Sandbox / Production

  • Conformance testing and certification will ensure security and functionality conformance requirements have been satisfied 

  • Live proving ensures successful API deployment, backend systems integration, TPP onboarding and TPP integration 

  • TPP relationship management

 
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Identify / Access

  • Internal system identification 

  • External system identification (OpenID Connect, PingID, TPP eIDAS) 

  • Consumer identification (devices, biometrics, 2-factor authentication – knowledge, inherence, possession) 

  • Employee identify & access; single sign-on

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Strategy

  • Digitize bank products (mortgages, credit cards, credit lines)

  • Competitive edge for Retail, Corporate, Wealth Management

  • Increase market share through innovation and technology

  • Benefits: Caspian One

    • We have been at the forefront of the first Open Banking implementation in the UK

    • Responsible for the development and implementation of the Open Banking APIs at TSB Bank with 5 million customers operating 24x7

    • Working closely with the Open Banking Implementation Entity (OBIE) in the UK to develop standards and assist FinTechs with integration in the ecosystem

    • Supported the Revolut, Starling, PayPal, RBC and other prominent organisations to onboard within the Open Banking ecosystem to test their value propositions and go live activities

    • Supported ASPSP and TPPs with the PSD2 Regulatory requirement to be certified compliant.

  • Benefits: Cost

    • Data sharing via Open Banking APIS will include improved customer experience, new revenue streams, and a sustainable service model for underserved markets

    • Time spent is reduced and operations are automated. Open Banking provides full control over the various services of customer needs: advisory, loans, transfers, and financing. Everything is conducted with greater order and under a single administration

    • Automated analysis of client transaction history will lead to new products and services offered to clients and can be connected to third-party services more easily to drive new revenue streams

  • Benefits: Streamlined payment services

    • Innovations such as ‘Request to Pay’ deliver more flexible payment options, making life easier for individuals and suppliers. New payment mechanisms are designed to reduce the risk of non-payment and improve the client’s payment journey

    • A simplified cash flow ecosystem delivers the potential for unifying accounts in real-time with effective and secure invoicing reconciliation

  • Benefits: API roadmap strategy

    Open Banking APIs can be integrated with the bank’s API Roadmap strategy utilising state of the art MuleSoft Security Gateway Management systems

  • Benefits: Greater flexibility

    • Open Banking provides large organisations and new firms alike, to innovate, react and collaborate like never before without the ties to legacy infrastructure

    • It fosters competition in the banking sector and forces an overhaul of existing products and processes that offer consumers greater flexibility and choice

  • Benefits: Centralised services

    • The centralisation of services in open banking benefits banks and customers alike. Banking data can be consolidated into a single dashboard, allowing banks to offer a complete solution to their customers’ financial needs

    • Multi banked individuals and businesses can mandate multiple payments under their PISP app without the need to login via different security protocols

  • Benefits: Personalised services

    High profile data breaches have made consumers wary about the use of their data. One of the benefits of Open Banking for customers is to give them control over how their sensitive information is shared with financial providers in order to get the best deal across a range of financial products.

Contact

To learn more about our range of Open Banking products and services, complete the form or contact us via:

openbanking@caspianone.com
+44 (0) 2036 919 184