psd2 & open banking

SEIZE THE OPPORTUNITY.

DELIVER SECURE, SEAMLESS CUSTOMER EXPERIENCES.

THE OBSTACLE

PSD2 & THE OPEN BANKING  MOVEMENT

 

Opening financial APIs to third-party providers is top of mind for most major banks across Europe. 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. In our eBook, you’ll learn more about the challenges ahead and IAM capabilities needed to succeed on your open banking journey.

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Chris Michael, Head of Technology at UK Open Banking Ltd., reflects on other markets adopting FAPI standards and the future of digital identity for banks.

THE SOLUTION

SECURE  YOUR OPEN API ECOSYSTEM

 

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. To remain competitive and be able to quickly adapt and embrace new business opportunities, our solution brief can show you how enterprises need a digital banking strategy with identity and access management (IAM) at its core.

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the solution

BE AN API LEADER IN OPEN BANKING

The Ping Identity Platform is a comprehensive IAM solution. Built on open standards, it 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.

Ping Identity sets “Gold Standard” in UK Open Banking as the first identity platform to pass all mandated security tests with zero warnings.

the solution

IAM: THE KEY TO OPEN BANKING

Our platform is used by several large retail banks, challenger banks and emerging fintech organizations, as well as Open Banking Ltd. itself. Our advanced integration capabilities provide a solid foundation for a highly secure API framework.

  • SECURE ACCESS TO ACCOUNTS (XS2A)

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

  • STRONG CUSTOMER AUTHENTICATION (SCA)

    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.

  • CONSENT MANAGEMENT

    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).

THE SOLUTION

QUICKSTART PRIVATE SANDBOX  FOR OPEN BANKING & PSD2

 

At Ping, we’ve automated the production of a fully working test environment for PSD2 and Open Banking conformance on your own virtual machine—not just a hosted one. We’ve built an automated script to help banks accelerate the deployment of an environment that conforms with the Open Banking Security Profile, and to quickly demonstrate the Ping Intelligent Identity Platform capabilities in the cloud or on-premises—your choice.

WATCH THE DEMO

THE SOLUTION

BUILD A LIBRARY  FOR YOUR OPEN BANKING SOLUTION ARCHITECTURE

 

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.

 

  • Webinar

    Implementing Financial-grade API Security

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  • white paper

    Technical Solution Guide for PSD2 & Open Banking

    get the white paper
  • Webinar

    Demo: PSD2 & Open Banking with Ping Identity

    watch the webinar
  • Video

    Solution Architecture of Backend Workflows

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THE PROOF

OPEN BANKING

RUNS ON PING

 

OPPORTUNITY

Open Banking, Ltd. needed to establish a trusted whitelist to ensure that UK banks and third parties meet certification standards for seamless interoperability and know at all times who can access what APIs. They considered building the register in-house, but needed to go live by January 2018.

 

RESULT

They chose to build the Open Banking Directory on the Ping technology stack, and were able to deploy successfully within the limited time frame. “Many of the banks in the UK and indeed globally are using Ping as a core IAM vendor. It’s quite interesting that Ping plays a role in both the security model at banks but also in the trust framework that we’ve developed internally at Open Banking.”

 

-Chris Michael, Head of Technology, Open Banking
 

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Related blogs

  • Open Banking Conformance Testing

    September 28, 2018

     

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  • Open Banking and Identity: Chris Michael Talks Current State, Trends and the Future

    September 19, 2018

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  • Will Privacy Concerns Undermine UK Open Banking?

    August 30, 2018
     

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  • The Scoop on Strong Customer Authentication (SCA)

    August 24, 2018

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