The CFPB's Personal Financial Data Rights rule marks a significant step toward advancing open banking in the U.S. by giving customers more control over their personal financial data. This opens up new opportunities for innovation, customer personalization, and secured third-party data sharing.
By granting consumers the ability to authorize third-party access, the rule facilitates greater transparency and flexibility, ultimately putting customers in the driver’s seat when managing their finances.
The rule requires financial service providers to implement stringent security measures, including strong customer authentication (SCA), multi-factor authentication (MFA), consent management, and financial-grade APIs as screen-scraping becomes prohibited.
The Ping Identity Platform works with leading banks in Europe, Australia, and Latin America to help them deliver open banking and is uniquely positioned to help U.S. financial providers capitalize on this opportunity.
Key Benefits
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Achieve Compliance
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Simplify and streamline the route to compliance with the CFPB’s Personal Financial Data Right rule.
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Empower Customers
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Give customers the tools needed to share their data with third parties to strengthen trust and accelerate innovation.
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Secure Data Sharing
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Enable the transition from screen-scraping to financial-grade data-sharing practices to protect customers and infrastructure.
Capabilities
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Financial-Grade APIs
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Build, test, and deploy FAPI-compliant custom APIs enforced by modern IAM capabilities at pace.
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Strong Customer Authentication
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Orchestrate dynamic authentication using first- and third-party knowledge, possession, and inherence credentials.
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Dynamic Authorization
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Embed permissions management and externalized policy-based access control at the core of data-sharing flows.
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Consent Management
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Give customers the tools needed to grant and revoke third-party access control via self-service.
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Verified Credentials
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Leverage verified credentials and identity verification within decentralized identity ecosystems to enable customer centricity.
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B2B Access Control
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Ensure appropriate data-sharing access is granted to ecosystem partners to mitigate unauthorized access.
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Ping Identity Platform for Financial Services
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Ping Identity is a leading provider of converged IAM solutions, helping global enterprises meet all their consumer, workforce, and B2B access needs – from one unified platform.
Leading financial service providers trust Ping Identity to protect their customers, mission-critical infrastructure, and ecosystems with comprehensive threat protection, access management, lifecycle and relationship management, as well as identity governance and administration capabilities.
How Ping Identity Enables Open Banking
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One Framework for Open Banking APIs
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Take advantage of mock bank APIs to build, test, and deploy Open Banking solutions at pace.
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One Framework for Custom APIs
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Leverage the same framework to extend FAPI-compliant custom-API to solutions outside retail banking.
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FAPI-Grade Security
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Infuse enterprise-grade security into your Open Banking and custom APIs to mitigate threats.
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Open Banking Heritage
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Leverage our learning, standing, and expertise in the Open Banking landscape.
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Business Outcomes
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45% Reduction
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Reduce Help Desk Calls
Give customers the ability to self-service and control their privacy settings. Testimonial Video
100M Daily Logins
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Put Customers First
Drive customer engagement to digital channels to reduce costs and improve personalization. Customer Blog
8B Identities Managed
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Leading IAM Platform
Ping Identity serves 9 out of 9 largest retail banks in the U.S. and 7 of the CMA9 in the U.K.
