INDUSTRY: Banking
Tags:
How Accelirate’s MuleSoft API-Led Integration Future-Proofs Open Banking, Driving 37.2% CAGR and 40% Cost-Savings for a Leading Financial Institution
37.2%
Global Open
Banking CAGR
99%
PSD2/GDPR/PCI DSS
Compliance
40%
Lower Legacy
Integration Costs
Client Overview
The client, a leading retail bank operating in a highly competitive market, needed to embrace open banking to comply with PSD2 regulations, expand digital services, and unlock new revenue streams. However, legacy data systems, fragmented processes, and scalability issues hindered their ability to securely expose data and collaborate with third-party providers.
Key Takeaways
- Hybrid cloud + API-led architecture with MuleSoft for secure, scalable integrations
- Real-time fraud detection & credit scoring via analytics-driven APIs
- Regulatory compliance with PSD2, GDPR, PCI DSS
- Standardized APIs to reduce legacy migration risks
- A unified API management approach for data sharing with security and compliance
The client was struggling to navigate the complexities of open banking while balancing the need for data sharing with third-party providers and maintaining security. Their legacy systems and fragmented processes hindered the transition to a modern, compliant open banking environment. Integrating customer data and exposing it securely to APIs proved challenging, delaying adoption of new digital services and limiting potential partnerships. They partnered with Accelirate to implement MuleSoft’s API-led integration solution, which enabled secure, scalable APIs, ensured 99% compliance with PSD2, GDPR, and PCI DSS, and provided real-time data synchronization. This solution future-proofed their open banking strategy, reduced 40% legacy integration costs, and accelerated API adoption.
Solving Open Banking Challenges and Ensuring Secure, Scalable API Connectivity
Open banking systems were slow, fragmented, and cumbersome. The client faced difficulty in securely sharing data with third-party providers while managing complex integration across legacy systems. Legacy data management and manual processes led to slow API rollouts, security concerns, and missed opportunities for innovation. Complying with regulations like PSD2, GDPR, and PCI DSS was an added challenge. These gaps increased operational costs, delayed API adoption, and limited the bank’s ability to scale.
Accelirate solved these challenges by redesigning the client’s open banking integration model using MuleSoft’s API-led connectivity platform, ensuring security, compliance, and scalability.
01 - Secure API-Led Integration with MuleSoft
Standardized API connections across systems to ensure secure data sharing, implementing encryption protocols (HTTPS/TLS), input validation, and output encoding to safeguard sensitive financial data.
02 - Real-Time Data Synchronization
Integrated legacy systems with third-party providers in real-time, ensuring up-to-date data flow while maintaining data integrity and confidentiality, in full compliance with PSD2 and GDPR regulations.
03 - Compliance-First Architecture
Ensured 99% compliance with PSD2, GDPR, and PCI DSS regulations, with robust authentication mechanisms like OAuth 2.0 and OpenID Connect, securing access to sensitive data.
04 - Scalable Infrastructure for Future Growth
Built a flexible, scalable system that can grow with increasing demand while adhering to security protocols to maintain continuous regulatory compliance and data protection.
05 - Streamlined API Onboarding for Third-Party Providers
Reduced third-party onboarding time by 75%, with integrated self-service API documentation, compliance checks, and secure data transmission to fast-track partnerships.
06 - Enhanced Fraud Detection & Risk Scoring
Leveraged advanced analytics for real-time fraud detection and risk scoring, improving fraud detection accuracy by 89% while maintaining strict access controls and data encryption for secure operations.
07 - Future-Proofed Open Banking Ecosystem
Designed a system that integrates seamlessly with both legacy systems and new third-party APIs, ensuring secure scalability, compliance, and data security as the open banking ecosystem evolves.
What Was Unique About the Solution That Was Implemented?
What set this solution apart was its ability to future-proof open banking operations while ensuring robust security and compliance. Instead of using isolated systems or one-off integrations, Accelirate implemented a unified API-led connectivity model using MuleSoft’s Anypoint Platform, enabling seamless data sharing, real-time synchronization, and secure third-party integrations.
Key differentiators included:
- Real-time fraud detection & risk scoring powered by advanced analytics and API integrations.
- Scalable API architecture, designed to handle growth while maintaining compliance with PSD2, GDPR, and PCI DSS.
- OAuth 2.0 & OpenID Connect for robust authentication and secure, role-based access to financial data.
- API bundling capabilities, offering flexible service options to match varying client needs.
- API Experience Hub for easy access to documentation, SLAs, and simplified onboarding for third-party providers.
- Secure Sandbox-to-Production transition for API testing, ensuring safe and efficient migration from development to live environments.
- Seamless integration with Stripe for B2B transactions, providing clients with an e-commerce-like experience.
With these elements in place, the client could enhance their open banking infrastructure, improve fraud prevention, accelerate third-party onboarding, and offer compliant, secure services at scale all while maintaining flexibility for future growth and new digital opportunities.
Achieving Faster, More Secure, and Scalable Open Banking Operations
By implementing this MuleSoft integration solution, the client transformed their open banking capabilities. Real-time data synchronization, secure API connections, and streamlined third-party integrations allowed them to offer more efficient, compliant, and personalized services. The result was faster API adoption, improved fraud prevention, and a scalable architecture designed to grow with their business.
01 - 37.2% Global Open Banking CAGR
The solution contributed to the rapid growth of the open banking market, helping the client stay ahead in an increasingly competitive space.
02 - Improved Third-Party Onboarding
The solution contributed to the New partners were onboarded faster, enhancing collaboration and accelerating innovation across the open banking ecosystem. growth of the open banking market, helping the client stay ahead in an increasingly competitive space.
03 - 99% PSD2/GDPR/PCI DSS Compliance
The solution met all regulatory requirements, ensuring data security, privacy, and integrity in line with industry standards.
04 - Scalable, Future-Ready Infrastructure
Designed to support future growth, the platform now easily adapts to new technological advancements and regulatory changes.
05 - 40% Lower Legacy Integration Costs
Reducing integration costs by streamlining legacy data systems and utilizing API-led architecture.
06 - Strengthened Data Security and Fraud Prevention
Enhanced fraud detection and secure data sharing, reducing operational risks and ensuring the confidentiality of sensitive financial information.
Empowering Open Banking Transformation with Scalable, Secure API Solutions
This success story highlights how Accelirate’s tailored MuleSoft integration solution transformed the client’s open banking infrastructure—boosting security, scalability, and compliance. The solution not only addressed immediate challenges like legacy data integration, slow third-party onboarding, and security concerns but also positioned the bank for sustainable growth in the evolving digital landscape. By enabling real-time data synchronization, automating critical workflows, and ensuring compliance with regulatory standards, the bank is now ready to scale its open banking ecosystem securely, engage third-party providers more effectively, and innovate without compromising IT resources.
If you’re ready to streamline your open banking infrastructure and achieve similar results, partner with a trusted automation provider to explore tailored solutions that align with your operational goals and accelerate your growth. Contact with us today!
Need a Quick Reference?
Download the mini version of our case study for easy sharing with your team.
Explore Our Featured Case Studies
