How Banfico built an Open Banking and Payment Services Directive (PSD2) compliance solution on AWS

This article discusses how Banfico, a FinTech company, built a highly secure, available, and scalable Open Banking Directory solution on AWS to comply with the EU's Payment Services Directive (PSD2) regulations. The solution enables seamless and compliant connectivity between banks and FinTech companies.

Specifically, the article covers:

• Design considerations: Scalability, leveraging managed solutions, reliability, security, and compliance
• Key components used: Red Hat OpenShift Service on AWS (ROSA) cluster, load balancers, Amazon EFS, Amazon S3, Amazon RDS, AWS KMS, IAM, AWS Shield, and Route 53
• How the architecture addresses Banfico's requirements, such as scaling, minimizing administrative overhead, high availability, and data protection
• The role of the Open Banking Directory in facilitating transactions, payment authorizations, TPP authentication, and certificate management
• Conclusion highlighting the solution's ability to meet Banfico's business needs, including 99.95% availability and faster application development