Open banking compliance has become a strategic imperative as financial institutions adapt to a rapidly evolving digital landscape. What initially started as a regulatory requirement is now driving a broader shift towards Open Finance—a model that goes beyond banking to include access to customer data across savings, investments, pensions, and insurance.
This transformation is being fueled by rising consumer demand for transparency, hyper-personalized services, and seamless digital interactions. But with innovation comes responsibility. Financial organizations must now navigate a tightening web of compliance and data-sharing regulations while maintaining agility, security, and scalability. Embracing this shift means building a robust foundation that not only meets regulatory expectations but also supports future-ready customer experiences.
That’s where Fiorano Software steps in. With a robust and modular middleware platform, Fiorano delivers a comprehensive open finance regulatory compliance solution to help institutions adapt to the expanding demands of the Open Finance era.
Understanding Open Finance and the Compliance Imperative
Open Finance empowers customers to securely share their entire financial footprint—not just banking transactions—with regulated third parties via APIs. This data-sharing model fosters innovation, but also exposes banks and financial service providers to risks related to:
1. Data privacy and consent management
2. Regulatory compliance
3. API security and performance
4. Customer authentication and onboarding
From the European PSD2 directive to frameworks in the Middle East (CBUAE, SAMA), Asia-Pacific (Singapore, India), and Latin America, regulators are mandating API-driven, interoperable systems that ensure consumer protection and secure access. Navigating this complex environment requires more than APIs, it demands a full-fledged, adaptive open finance solution that is both technically resilient and regulation-aware.
Top Challenges in Open Banking Compliance
Achieving and maintaining open banking compliance under new and evolving regulations is no small feat. Some of the key challenges faced by financial institutions include:
1. Fragmented Regulatory Frameworks
Each region or country enforces unique finance compliance regulations, often with different technical, security, and consent requirements. A scalable compliance solution must be able to adapt to multiple regimes—often simultaneously.
2. Data Privacy & Consent Management
Managing user consent across various touchpoints and ensuring secure access to sensitive data is a core requirement. Poor implementation risks non-compliance with regulations like GDPR, PDPA, and India’s DPDP Act.
3. Legacy Infrastructure Compatibility
Most banks operate on legacy core systems not designed for API-driven architectures. Retrofitting such systems for open finance can be time-consuming and costly without the right middleware layer.
4. Real-Time API Monitoring & Threat Detection
Regulators often require real-time visibility into transaction flows, user authentication, and API performance metrics. Failure to detect API abuse, latency issues, or unauthorized access can result in penalties or data breaches.
Fiorano’s Open Finance Regulatory Compliance Solution
Fiorano Software offers a field-tested, production-ready finance compliance software suite that enables banks and financial institutions to:
1. Achieve Regulatory Compliance Across Geographies
With out-of-the-box compliance templates and configurations for Open Banking mandates such as CBUAE, SAMA, JOPACC, RBI, and PSD2, Fiorano’s platform minimizes development time and ensures future scalability.
2. API Management & Security
Fiorano provides advanced API gateway capabilities—enabling authentication, throttling, token validation, and end-to-end encryption. It ensures full compliance with open finance solution standards such as OAuth2, OpenID Connect, and FAPI.
3. Consent & Identity Management
A centralized consent and identity framework ensures customers can grant and revoke access to data securely, with full auditability and real-time visibility.
4. Legacy Integration with Low-Code Connectors
Fiorano enables smooth communication between modern APIs and existing systems without rewriting legacy applications. Its visual, low-code environment accelerates integration and compliance enablement.
5. Real-Time Monitoring & Audit Trail
Complete observability of API calls, user behavior, and data access in real-time ensures transparency and simplifies reporting to regulatory authorities.
Why Fiorano for Open Finance Compliance?
1. Global Deployments: Successfully implemented in Central Bank–mandated Open Banking frameworks (e.g., CBUAE in UAE).
2. Configurable & Adaptable: Easily extendable to evolving mandates with minimal customization.
3. Low TCO (Total Cost of Ownership): Fast deployment and reduced operational overhead.
4. Future-Proof: Extendable architecture to cover Open Insurance, Open Investments, and more.
Conclusion: Compliance with Confidence
Fiorano is a powerful integration and compliance platform designed to help financial institutions navigate the evolving landscape of Open Finance. With capabilities such as secure API management, consent orchestration, and real-time regulatory compliance, it delivers the agility and control required for modern open finance solution deployments.
Whether you’re planning a new open banking compliance strategy or need a scalable finance compliance software solution, OdiTek Solutions provides end-to-end services around Fiorano Software, from consultation to implementation.
Contact us today to explore how we can help your business achieve seamless compliance with finance compliance regulations through Fiorano’s Open Finance platform.
