Open Banking considered building the framework internally, but ultimately chose Ping Identity technology as a core part of their stack. Under Open Banking, entities must have absolute certainty about the identity of regulated parties; banks need to know who third parties are and third parties need to know who banks are so they can securely conduct transactions with and communicate with one another.
“We could have decided to manually build a lot of the functionality ourselves, but why reinvent the wheel when there's a product out there like Ping that does what you need?” asked Chris Michael, Head of Technology for Open Banking.
Another consideration in Open Banking’s selection of Ping Identity revolved around the fact that many of the banks in the UK and globally are already using Ping as a core IAM vendor. Ping meets the rigors of financial-grade security that banks require, while providing a consistent user experience. Ping’s comprehensive, standards-based identity and access management (IAM) platform also meets PSD2 and Open Banking’s broad set of requirements for banks themselves, providing secure access to accounts (XS2A) through open APIs, strong customer authentication (SCA) and consent management.
“It's also useful that we are using the same core technology as many other banks," Michael added.
More About Open Banking
Open Banking was created to enable innovation, transparency and competition in UK financial services. It is tasked with delivering the Application Programming Interfaces (APIs), data structures and security architectures that will enable developers to harness technology, making it easy and safe for individuals and SMEs to share the financial information held by their banks with third parties.
Learn more at www.openbanking.org.uk
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