Unlock the Power of Digital Identity in Open Finance

Leverage the industry’s leading IAM platform to uplift customer experiences, extend security, achieve regulatory compliance, and drive Open Finance.

What Is Open Finance?

 

Open Finance is a movement that builds on global open standards, technical requirements, and trusted third-party access to customer data enabled by Open Banking regulations. By harnessing the power of Open Finance, organizations can leverage financial APIs (FAPIs), customer consent, and identity best practices to: 

  • Secure the financial services ecosystem 
  • Drive value-added revenue
  • Stay ahead of the competition

Mobilize the Three Pillars of Open Finance

 

Open Banking regulations have transformed the retail banking industry across Europe, Australia, and the Asia-Pacific region. Customers are demanding more personalization, improved experiences, and greater control over their data across a growing range of financial services. The ForgeRock Identity Platform enables financial services organizations to accelerate IT modernization, mitigate emerging cybersecurity risks, and achieve regulatory compliance.

Uplift Customer Experience

Uplift Customer Experience

Acquire customers faster and deliver consistent, secure, and exceptional omnichannel experiences across physical and digital channels to drive value-added revenue. Leverage the ForgeRock Identity Platform to reduce friction across customer journeys, consolidate data silos to create a single view of customer needs, and give customers the ability to manage how their data is shared with trusted third-parties.

Customer Identity and Access Management

Extend Zero-Trust Security

Extend Zero-Trust Security

Embed “identity-first security” strategies at the core of the Open Finance ecosystem by securing FAPIs, accelerating secure access, strengthening authentication, and unifying identities across multiple on-premises, cloud, and hybrid identity stores. Leverage the ForgeRock AI-powered identity platform to eliminate unauthorized access, remove legacy data silos, and rapidly implement Zero Trust and CARTA security models.

Zero Trust and CARTA

Achieve Regulatory Compliance

Achieve Regulatory Compliance

Secure customer data and the wider financial services ecosystem to align with data protection and privacy regulations. Leverage a wide range of standards-based authentication, authorization, and federation capabilities to comply with strong customer authentication, FAPI, and data sharing regulations while mitigating security risks associated with integrating new Open Finance providers into your ecosystem.

Digital Identity for Financial Services

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Stay Ahead of the Regulatory Curve

Regulatory changes in Europe, Australia, and the Asia-Pacific region are reshaping how financial services are designed, delivered, and consumed. The General Data Protection Regulation (GDPR) in Europe has strengthened customer privacy. The Consumer Data Right (CDR) legislation in Australia has provided customers with better choice, access, and control of their data. The revised Payment Services Directive (PSD2) has increased competition across the financial services industry by promoting secure OpenAPI, strong customer authentication (SCA), and consent-based sharing.

The ForgeRock Identity Platform helps financial services organizations meet regulatory requirements by:

  • Securing internal and external FAPIs
  • Addressing regional data residency and data sovereignty requirements
  • Allowing customers to determine who their data is shared with
  • Reducing risks of overprovisioning and entitlement creep with AI-driven identity governance
  • Enabling access to large network of pre-integrated third-party SCA, risk and fraud management, biometrics and Know Your Customer (KYC) solutions

Learn More About Financial Services Solutions

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Build Trust Through Consent and Privacy

The increasing integration of services across the expanding Open Finance ecosystem poses risks for how financial services organizations secure customer privacy and data. At the same time, customers want greater control of how their data is shared, with whom, for what purpose, and for how long.

Customer retention, loyalty, and ultimately revenue are largely shaped by each organization's ability to build consent-based trust with their customers. That ability depends on the capabilities that organizations can leverage to meet privacy regulations. The ForgeRock Identity Platform helps financial services organizations build trust by:

  • Enabling centralized privacy and consent management options to customers
  • Protecting personal data through pseudonymization, robust encryption, and other techniques
  • Leveraging User Management Access (UMA) to give customers control of how their data is shared with trusted third parties

Learn More About Consent & Privacy Solutions

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Implement Strong Customer Authentication (SCA)

Growing customer demands have pushed financial services organizations to offer an ever-increasing choice of authentication factors across a range of devices. Implementing effective, dynamic, and scalable SCA is at the core of the Open Finance agenda.The ForgeRock Identity Platform helps financial services organizations implement SCA by:

  • Leveraging contextual signals, such as location, IP address, device type, operating system, and browser to trigger SCA at the right time
  • Eliminating unnecessary friction when authenticating to multiple services, thereby elevating customer experiences
  • Limiting pain points associated with orchestrating dynamic SCA policies and workflows by leveraging “low-code, no-code” Intelligent Access to reduce time to value and flexibility
  • Enabling access to a wide range of pre-integrated third-party authentication, risk/fraud management, behavioral biometrics, and identity-proofing (eKYC) solutions through the ForgeRock Trust Network

Learn More About Intelligent Access

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Accelerate Modernization and IAM Migration

The evolution of regulatory frameworks in many parts of the world and the rising prevalence of FAPIs makes interoperability more important than ever. Digital transformation driven by Open Banking and Open Finance requires IAM technology that can seamlessly interoperate across the financial services ecosystem and provide secure access for customers, workforce, trusted third parties, and other non-human identities. ForgeRock’s IAM Accelerators help financial services organizations minimize the risk and impact of modernization by:

  • Enabling access to a full range of accelerator options to support bulk just-in-time migrations.
  • Providing pre-configured templates at no additional cost.
  • Seamlessly migrating multiple identity stores to the unified ForgeRock platform.
  • Supporting the expansion of the Open Banking ecosystem for onboarding, consenting, and access authorization workflows, by allowing FAPIs to be opened rapidly and securely.

Learn More About Modernizing IAM Accelerators

Resources

Guide

CIAM for Financial Services

Compare digital identity management providers for CIAM within the financial services industry

White Paper

Consumer Data Right Open Banking

Learn how to leverage strong customer authentication and securely deploy FAPIs to align with CDR regulatory requirements

Blog

Transforming the U.K. Pension Industry Through Open Finance

Learn how Open Finance is enabling digital identity to create secure, trustworthy, and user-friendly tools in the UK pension sector