Open banking is reshaping the future of financial services. By allowing third-party developers to securely access financial data via APIs, banks can now offer more personalized, flexible, and data-driven experiences to their customers—especially younger, tech-savvy users.
But this innovation comes with real challenges: API security, system resilience, legacy integration, regulatory compliance, and scaling infrastructure. Experts emphasized how observability is becoming critical for banking IT teams to manage these complexities.
At P99Soft, we’re ready to support the evolving ecosystem of open banking. As a trusted IT services company, software development company, and cloud computing and security partner, we help banks secure, modernize, and scale their IT platforms with confidence.
The Opportunity — and Urgency
Open banking is driven by regulatory pushes like PSD2 (EU), the UK’s Open Banking initiative, and frameworks inspired by the Dodd-Frank Act in the U.S. Business models such as Banking-as-a-Platform, Banking-as-a-Service, and Marketplace Banking are enabling rapid product rollouts and expanding reach across customer segments.
However, challenges remain:
- Inconsistent data quality from third-party APIs
- Integration with legacy and core banking platforms
- Strict privacy and cybersecurity regulations (GDPR, DORA, NYDFS500)
- High security risks and trust erosion due to breaches
- Operational blind spots without real-time observability
These are not theoretical. They’re daily concerns for CIOs and IT leaders.
How P99Soft Can Help Banks Lead in Open Banking
1. API Security & Compliance
We support secure API integrations using best-in-class tools and frameworks. We help institutions stay compliant with data privacy regulations like GDPR, HIPAA, and PSD2.
We’re also:
- SOC 2 Type 2 Certified
- ISO 27001:2022 Certified
- HIPAA Compliant
Explore our credentials: trust.p99soft.com
2. Observability for Compliance, Security & Resilience
P99Soft integrates observability tools to deliver:
- Real-time dashboards & alerts for compliance reporting
- Rapid detection of API threats & vulnerabilities
- End-to-end visibility across apps, services, and infrastructure
- Scalable monitoring to handle real-time demands
This visibility reduces downtime, ensures faster incident response, and strengthens trust.
3. Legacy System Modernization
Our software development services help financial firms:
- Upgrade outdated .NET systems to cloud-native architectures
- Integrate APIs into core banking systems
- Replace legacy scripts with secure MFT tools (e.g., GoAnywhere)
- Enable modular, agile frameworks for faster product rollouts
4. Cloud-Native Infrastructure
We help banks build scalable, secure infrastructure for API-first operations:
- Cloud migration and orchestration
- Secure API gateways and access controls
- Resilience and auto-scaling strategies
Whether you’re launching new services or preparing for real-time payments, we make your foundation strong.
Real Impact, Real Examples
Open banking already powers:
- Payment initiation services (e.g., Stripe, Plaid)
- Account aggregation and automated budgeting apps
- Instant loan processing and credit scoring
- Fraud detection and transaction analysis
- Personalized financial products and marketing
This benefits not just banks and consumers, but also fintechs, SMEs, e-commerce, and developers.
But none of this works without trust, security, and performance.
Why P99Soft?
We bring:
- Deep experience in digital transformation consulting
- Certified, secure IT outsourcing and modernization capabilities
- Agile delivery teams to handle custom development, integration, and support
Banks need more than a vendor—they need a partner. P99Soft delivers the technology foundation that makes open banking possible.
🌐 Learn more: www.p99soft.com
🔐 Trust starts here: trust.p99soft.com
Open banking is evolving fast. Let’s build your future-ready platform—securely and confidently—with P99Soft.
