🚀 Introduction
Traditional banking systems were designed as closed
ecosystems where customer data remained within the bank. Open Banking changes
this model by enabling secure data sharing between banks and licensed
third-party providers through APIs.
The AWS Open Banking Reference Architecture helps financial
institutions implement Open Banking regulations while maintaining security,
scalability, and compliance.
🏦 What is Open Banking?
Open Banking allows customers to:
- Share
account information securely
- Authorize
third-party applications
- Initiate
payments
- Access
innovative financial services
Examples include:
- Budgeting
applications
- Personal
finance platforms
- Account
aggregation portals
- Payment
initiation services
☁️ Key AWS Services
API Layer
- Amazon API Gateway
- AWS WAF
- AWS Shield
Networking
- AWS Direct Connect
- AWS Transit Gateway
- AWS PrivateLink
Security
- AWS IAM
- AWS KMS
- AWS Secrets Manager
🔒 Security Best Practices
- ✅ Customer consent management
- ✅ Mutual TLS (mTLS)
- ✅ API authentication and authorization
- ✅ Encryption at rest and in transit
- ✅ DDoS protection using AWS Shield
- ✅ Access control using IAM
🎯 Conclusion
Open Banking on AWS enables secure innovation while giving
customers greater control over their financial data.
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