psd2 & open banking

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what it solves

FIND OPPORTUNITY 

IN COMPLIANCE

Built on open standards, the Ping Identity Platform helps you not only meet PSD2 and open banking requirements, including secure access to accounts (XS2A), strong customer authentication (SCA) and consent management. It also helps you provide seamless user experiences and gain a distinct competitive advantage.

what it solves

PSD2 & THE OPEN BANKING MOVEMENT

The concept of opening financial APIs to third-party providers is pushing the envelope in the financial services industry. Mandates and standardization initiatives continue to arrive on the scene, such as the revised Payment Services Directive (PSD2), the UK Open Banking Standard, STET and The Berlin Group. Traditional financial services are becoming financial platforms where third-party developers can innovate and build valuable applications and services to stay on top of today’s digital consumer demands.

THE OPEN BANKING IMPLEMENTATION ENTITY (OBIE) SELECTS PING TO UNDERPIN THE UK'S OPEN BANKING FRAMEWORK

how it solves it

SEIZE THE OPPORTUNITY

As the open banking ecosystem grows, financial services institutions are going to have to adopt technology that allows them to expose and protect multiple APIs to ensure they’re not left behind. This promises to be the biggest evolution of the financial services industry in more than 500 years. To remain competitive and be able to quickly adapt and embrace new business opportunities, enterprises need a digital banking strategy with identity and access management (IAM) at its core.

PSD2 & OPEN BANKING SOLUTION BRIEF

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how it solves it

IAM: THE KEY TO OPEN BANKING

The Ping Identity Platform is a comprehensive IAM solution built on open standards and designed for the rigors of the open banking era. It’s used by many large retail banks, challenger banks and emerging fintech organizations, as well as the Open Banking Implementation Entity (OBIE) itself. Its advanced integration capabilities provide a solid foundation for a highly secure API framework.

  • For secure XS2A, combine our market-leading federation solution (PingFederate) and our application and API access security solution (PingAccess). This provides comprehensive support for an OAuth 2.0-based API security model, including OpenID Connect (OIDC) and financial API specifications.

  • PingID, our contextual multi-factor authentication (MFA) solution, provides a foundation for supporting the SCA requirements mandated by PSD2. PingID enables compliance with the Dynamic Linking requirement of PSD2 through support for payment MFA notifications that specify the payee and amount, so customers know exactly what they’re paying for.

  • Each time a customer requests access to their account data via a third-party provider (TPP), the account holding institution must check the request against data consent policies and log an auditable consent record. This is supported by our highly scalable identity datastore (PingDirectory) and our customer-centric data access and consent management product (PingDataGovernance).

PSD2 & OPEN BANKING SOLUTION GUIDE

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Find opportunity in compliance. See how our leading IAM solution can enable your organization to meet PSD2 and open banking requirements while opening new doors to opportunity for your business.

 

PSD2 & OPEN BANKING - A LIVE DEMONSTRATION

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