A Semantic Model for Enhancing Data-Driven Open Banking Services

Author:

Paneque Manuel1ORCID,Roldán-García María del Mar1ORCID,García-Nieto José1ORCID

Affiliation:

1. ITIS Software, Departamento de Lenguajes y Ciencias de la Computación, University of Málaga, 29071 Málaga, Spain

Abstract

In current Open Banking services, the European Payment Services Directive (PSD2) allows the secure collection of bank customer information, on their behalf and with their consent, to analyze their financial status and needs. The PSD2 directive has lead to a massive number of daily transactions between Fintech entities which require the automatic management of the data involved, generally coming from multiple and heterogeneous sources and formats. In this context, one of the main challenges lies in defining and implementing common data integration schemes to easily merge them into knowledge-base repositories, hence allowing data reconciliation and sophisticated analysis. In this sense, Semantic Web technologies constitute a suitable framework for the semantic integration of data that makes linking with external sources possible and enhances systematic querying. With this motivation, an ontology approach is proposed in this work to operate as a semantic data mediator in real-world open banking operations. According to semantic reconciliation mechanisms, the underpinning knowledge graph is populated with data involved in PSD2 open banking transactions, which are aligned with information from invoices. A series of semantic rules is defined in this work to show how the financial solvency classification of client entities and transaction concept suggestions can be inferred from the proposed semantic model.

Funder

Spanish Ministry of Science and Innovation

Ministry of Industry, Commerce and Tourism

Andalusian PAIDI program

Publisher

MDPI AG

Subject

Fluid Flow and Transfer Processes,Computer Science Applications,Process Chemistry and Technology,General Engineering,Instrumentation,General Materials Science

Cited by 4 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

1. Technology Adoption of Open Banking: Drivers and Barriers;Lecture Notes in Electrical Engineering;2024

2. Combat capability graphical description method by ontology extension UML;Second International Conference on Applied Statistics, Computational Mathematics, and Software Engineering (ASCMSE 2023);2023-08-23

3. A Knowledge Model for IoT-Enabled Smart Banking;Journal of the Knowledge Economy;2023-07-20

4. Predicting the Intention to Use the Investment Aggregate Functionality in the Context of Open Banking Using the Artificial Neural Network Approach;Procedia Computer Science;2023

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