Beyond Regulation: Open Banking Accelerators

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.

Who Is Darryl Jones?

Who is Darryl? Darryl is an intrapreneurial product leader with 15 years of experience driving software solutions in the technology space. He is passionate about delivering products that delight customers and provide sustainable competitive advantage in a complex global marketplace.  At ForgeRock, Darryl is a product lead responsible for solutions including Open Banking and IoT.

Recent Posts:

Zero Trust and Identity: Evolving from Castles to Cities

The common analogy for protecting computer networks has typically been that of the castle, complete with big walls and surrounding moat. Though this is a good one, the growth and innovation in security technology, including the Zero Trust Model, add complexities.

Augment Your Legacy IAM

Have you ever run into a situation where you know exactly what you have to do to solve the problem but can’t do it?

Modernize IAM for Government: A Real World Example

I recently had the chance to do a podcast with my friend and colleague Tommy Cathey, ForgeRock RVP of Public Sector. Tommy and I have worked together for years, and I am thrilled that he is bringing his deep public sector knowledge to ForgeRock (and this podcast).