WSO2 and Allevo to offer Open Banking solutions to Romanian financial services market

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Open source integration vendor WSO2 has announced that Bucharest-based financial software provider Allevo is now a WSO2 Consultative Integration Partner. As the supplier states, Allevo will join forces with WSO2 for developing the design and delivery of customized Open Banking solutions aimed at the banks and the third party financial services provider in Romania.  The partnership aims to increase compliance, automation, and integration.

“We are excited to partner with Allevo in taking Open Banking to the Romanian market. We look forward to collaborating and offering our combined strengths to deliver stellar Open Banking experiences to banks in this region,” commented Seshika Fernando, WSO2’s Head of Financial Solutions.

The collaboration will see the two companies, implementing WSO2 Open Banking solution at one of the Romanian commercial banks in a bid to enable PSD2 compliance for the bank along with the ability to centrally manage requests from third-party providers on behalf of their customers and send proxy responses. The partnership is expected to enable Allevo to provide its clients with software services coupled with WSO2’s products and services.

“We are thrilled to announce this partnership with WSO2, a company with a similar business model and with a focus on software quality. The teams of Allevo and WSO2 explored an opportunity identified at one commercial bank and architected a software solution that responds to the customer’s open banking requirements,” said Sorina Bera, Allevo’s CEO.

Established in 1998, Allevo provides software solutions to financial institutions, small and medium enterprises, and public administrations to assist them in processing financial transactions and comply with the latest standards and regulations.

Recently, WSO2 released the latest of WSO2 Open Banking for achieving PSD2 RTS compliance with the inclusion of new security features such as support for electronic identifications, Strong Customer Authentication (SCA) as well as rule-based fraud detection and monitoring of fraudulent transactions.

Source: WSO2