Transforming financial services with open banking initiative for a top UK bank

Ascendion’s Open Banking solution for one of Britain’s top ten banks focused on improving customer interaction and compliance processes, thus advancing the bank’s position in the financial industry. The client faced several critical challenges impacting their operational agility and market competitiveness. The absence of a hybrid cloud solution with a seamlessly integrated DevOps pipeline was hindering innovation, creating an integration dilemma that limited efficiency. Additionally, there was an urgent need for platform modernization to build and deploy a cutting-edge Open Banking platform that would boost both customer satisfaction and operational effectiveness. Compliance posed another constraint, as stringent adherence to regulatory standards had to be maintained without disrupting service delivery. Finally, the client aimed to accelerate speed to market, seeking faster project timelines to stay ahead in a rapidly evolving industry landscape.

Crafting a custom open banking architecture

Innovative Cloud Strategy: Ascendion designed and implemented a robust, scalable AWS Enterprise Landing Zone tailored to banking needs.

Standards Compliance: The solution met all OBIE standards 3.1.5 requirements, ensuring reliability and security.

Agility in Delivery: A new ‘route to live’ strategy was introduced, significantly reducing time-to-market for new features and improvements.

Regulatory Adaptation: Customizable solutions were developed to quickly adapt to regulatory changes, ensuring continuous compliance.

Efficient Value Delivery: The project was executed in three phases over eight months, utilizing innovative accelerators and reusable assets to enhance delivery efficiency.

Setting new industry standards

Regulatory Mastery: Full compliance with Open Banking regulations, enhancing both performance and scalability for future needs.

Market Readiness: The agile and innovative approach significantly reduced the product’s time to market.

Operational Excellence: The project brought unparalleled flexibility, agility, and transparency to the bank’s operations.

Strategic Partnerships: Leveraged advanced API gateways and IAM solutions through strategic ecosystem partnerships.

Blueprint for Success: The ‘Lighthouse’ approach was established, serving as a model for future Open Banking initiatives.

Featured Client Outcomes