Open Banking Module

The Open Banking Module provides the API infrastructure that connects Paymart Suite to the broader financial network. Whether an institution needs to aggregate account data from other banks, initiate payments on behalf of customers, or expose its own APIs to third-party providers, this module delivers the standards-compliant, security-hardened infrastructure that modern open banking demands.

Why does this matter for a Cabo Verde institution? Two reasons. First, European PSD2 requirements demand account information and payment initiation APIs for regulated third-party providers — if you serve European customers, you need this. Second, account aggregation is a powerful acquisition tool. Let customers see all their bank accounts in one interface and they're significantly more likely to open a primary account with you.

The module combines PSD2 compliance with a developer portal, sandbox environment, and API gateway. Consent management ensures that data sharing always follows customer authorization, with full audit trails for regulatory compliance. The regulatory context is baked in: Berlin Group, Open Banking UK, and STET standards are all supported out of the box, with the appropriate standard applied based on the target bank's country.

PSD2 compliance covers Account Information Services (AIS), Payment Initiation Services (PIS), and Confirmation of Funds (PIIS). Bank connectivity comes through pre-built connectors to 3,000+ European banks, maintained and updated as banks modify their APIs. Account aggregation consolidates balances, transactions, and account details from multiple banks into a single view, with transaction data categorized and enriched with merchant identification, location data, and spending category labels.

Payment initiation enables third-party applications to initiate payments from customer accounts at other banks — supporting instant loan disbursement, merchant payment from any bank, and subscription billing without a Paymart account. Consent management handles the full lifecycle — creation, authorization, revocation, expiry — with granular scope control per data type and time period. Every data access is logged against a specific consent.

The API gateway handles authentication, rate limiting, request validation, and traffic management. Rate limits are adjustable per API consumer, endpoint, and time window, with dynamic adjustment responding to traffic patterns.

Third-party developers get a self-service portal with interactive API documentation, code samples, SDK downloads, and application registration. They can explore APIs, test integrations in the sandbox with synthetic data, and apply for production access through a simplified onboarding workflow. The sandbox mirrors production APIs exactly, cutting time-to-integration from months to weeks.

Webhook delivery handles live event notifications — payment status changes, consent updates, account balance thresholds — with retry logic, delivery confirmation, and dead-letter queue handling for reliable event-driven integration.

TPP credentials are verified against national competent authority registries. Only licensed and registered Third-Party Providers can access customer data. API usage analytics — call volumes, response times, error rates, SLA compliance per consumer — provide live visibility into API health for proactive capacity management.

The module uses full OAuth2 authorization with OpenID Connect for authentication. Supports authorization code flow with PKCE, client credentials, and refresh token flows. SCA-integrated consent screens ensure PSD2 Strong Customer Authentication at every authorization step. Mutual TLS authentication with eIDAS-compliant QWAC and QSealC certificate validation ensures that only qualified TPPs with valid regulatory certificates can access customer data.

Pre-built PSD2 API infrastructure eliminates the 12-18 month, EUR 500K+ custom build that most institutions face. Compliance is achieved through configuration and deployment, not software development.

Account aggregation is an acquisition funnel. Customers who use it are significantly more likely to open a primary account. Account data from other banks accelerates KYC by providing verified identity and transaction history, reducing the 40% dropout rate that complex KYC processes typically cause.

API access fees, premium data services, and partnership revenue from the developer network create new revenue streams. Full consent audit trails, data access logs, and TPP verification records ensure audit readiness for both PSD2 supervisory reviews and GDPR data protection assessments.