ieDigital are a leading solution provider for financial institutions and other financial services providers. Experts in fintech and customer experience, they have been applying technology to solve business problems since 1986. The company operates offices in the UK, Ireland and Australia with almost 150 employees. Their current flagship product is an omni-channel financial services platform.

In 2018 the European Union’s revised Payment Services Directive 2 (PSD2) came into force. PSD2 requires banks to open their data to third parties such as other financial institutions, financial services vendors and merchant retailers. While this was an opportunity to develop new income channels, it also represented a challenge in how to provide the systems and data access required, in a secure way, whilst adhering to Open Banking standards.

ieDigital had thus far struggled to handle the integration between the older legacy systems and new Software as a Service (SaaS) ones. Mitra Innovation were approached to build a scalable prototype solution that could be demonstrated to their board to gain approval for implementation. A solution that could be embedded in their middleware platform of choice and easily rolled out to their customer base.

Mitra Innovation established a collaborative team with ieDigital, developing a rapid proof of concept demonstration version in under four weeks. They used AWS to provide the API management, creating the Open Banking architecture for third parties to connect to, and cherry picked WSO2 Enterprise Integration for the integration layer to manage the communication between legacy and more modern SaaS applications and WSO2 Identity which would handle secure access management. This solution demonstrated compliance with PSD2, whilst adhering to Open Banking standards. With overwhelming board approval, the project shifted to the next phase of development, and deployment for commercial use. The key was the clever use of AWS and WSO2 middleware components with the client’s existing suite of products, embedding compliance with Open Banking and PSD2 standards within the solution.