Financial services firms and Payment Service Providers (PSP), such as credit card providers and retailers, face compliance initiatives set forth by government entities in the European Union. Ping Identity, the leader in Identity Defined Security, today announced comprehensive solutions and key resources – webinar, eBook, blogs, technical solution guide and speaking events – for these organizations to gain competitive advantage while achieving the required compliance with the early 2018 regulatory deadlines. Ping’s keynote today at the EIC Conference in Munich is the first of many activities and resources available for firms to learn more about the critical role of Identity and Access Management (IAM) to help meet these regulatory requirements.
To support its customers’ need for regulatory compliance, Ping delivers a modern approach to open banking, with IAM as the foundation. The company has delivered advice and best practices to inform and educate firms about these mandates and to specify an IAM architecture, optimized for a balance of compliance, financial-grade security and seamless user experiences. Working with partners and industry thought leaders, Ping has created webinars, whitepapers and related assets to educate and advise firms on these and other regulatory mandates.
PSD2, designed to create more competition and stimulate innovation in the banking sector, requires Account Servicing Payment Service Providers (ASPSPs), including banks, building societies and credit unions, to expose open APIs (Application Program Interfaces) to allow other banks and third-parties to access customer account information, when the customer has given their consent. The UK’s Open Banking Standard is expected to adopt OAuth 2.0 and OpenID Connect (OIDC) as the authentication and authorisation standards for open banking APIs. Ping’s longstanding commitment to standards, its participation in the organisations who create and certify standards, and its adoption of these standards in it’s leading IAM products uniquely positions the company to help customers achieve PSD2 and open banking compliance.
Ping has a variety of activities and content available for customers to accelerate their compliance initiatives, including:
“In times of disruption in technology, a standards-based approach provides confidence for long term success. This is why Ping is so excited to partner with banks, credit companies and retailers to deliver standards-based solutions for PSD2 and open banking compliance,” said Phil Allen, VP of EMEA for Ping Identity. “With OAuth 2.0 and OpenID Connect as authentication and authorisation recommended standards, Ping is set to lead as no other company can. Our team remains active in driving the standards that make business work.”
Ping’s IAM solution, the Ping Identity Platform, provides federated single sign-on (SSO), multi-factor authentication (MFA), access security, directory and data governance. To solve for the specific challenges of open banking, it can:
About Ping Identity | The Identity Defined Security Company
Ping Identity is the leader in Identity Defined Security for the borderless enterprise, allowing the right people to access the right things, securely and seamlessly. More than half of the Fortune 100, including Boeing, Cisco, Disney, GE, Kraft Foods, TIAA and Walgreens, trust Ping to accelerate their move to the cloud, deliver a rich customer experience and quickly onboard partners as part of their digital transformation. Protecting over 1.3 billion identities from data centers around the globe, Ping allows employees, customers and partners the freedom to access the Cloud and on-premise applications they need with an enterprise IDaaS solution that includes multi-factor authentication, single sign-on and access security. Visit www.pingidentity.com.
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