Open Banking is a global movement. In some geographies it is driven by regulation; in others, it is driven by industry encouragement or organic business adoption. Beyond regulation, there is no doubt that the cost of screen scraping is significant, and secure Open APIs is a more cost effective, safe, and enabling solution. With Open Banking, the innovation possibilities for financial organizations and developers are limitless. Not only can Accounts and Payments APIs be made available as per the regulation, but other for-profit APIs can be opened. Financial organizations can themselves become Trusted Third Parties (TPPs) and build new innovative solutions. Winners will have an ecosystem of TPPs building exciting new technologies that are dependent on the secure Open APIs provided. Enter Open Banking Accelerators.
Introducing Open Banking Accelerators
At ForgeRock, we are excited to help our partners and customers take advantage of opportunities in Open Data. To that end we have recently added to our existing Open Banking portfolio with a new solution called the Open Banking Accelerators. The Accelerators drastically increase the speed and reduce the complexity involved in producing secure Open APIs that conform to the UK Open Banking standard. The solution is focused on API security, security API endpoints, and strong customer authentication for Onboarding, Consent, and Access Authorization. Along with the code, configuration, and documentation provided as part of the solution, we have also developed a Deployment Support Services package to get customers up and running quickly.
The Open Banking Accelerator solution adds to an existing product, the Open Banking Sandbox as a Service, which is a test environment for developers and includes a model bank and directory. We continue to develop the sandbox offering and have recently added a new analytics reporting feature, as well as support for eiDAS certificates. The analytics feature will make FCA reporting much easier with an auto export *.pdf feature, and provide business level KPI visibility.
The patterns used in Open Banking – allowing a user to authorize access directly with a bank prior to giving a developer access — extend well beyond the financial space and into other industries like Healthcare, Utilities, Transportation, and beyond. We are moving towards a more secure, sustainable, and innovative future based on secure Open APIs. We look forward to supporting the tremendous opportunity for all involved.
To learn more, we have developed an on-demand webinar. I’d encourage you to take a listen.
*** This is a Security Bloggers Network syndicated blog from Forgerock Blog authored by Darryl Jonesn. Read the original post at: https://www.forgerock.com/blog/beyond-regulation-open-banking-accelerators