Open Banking

Meet Open Banking requirements and welcome opportunities to create new business models that drive greater revenue and brand trust.

What Is Open Banking?

In the new digital economy, new customer-centric banking models are transforming financial services. Open Banking creates a new set of technical requirements to ensure customer data is secure and only accessed with authorization and consent. The Open APIs make it possible for third-party providers to enter the banking and payment ecosystem, delivering unprecedented innovation and competition.

Comply with New Regulations

With Open Banking, you can stay compliant while positioning your organization for success. Built on open standards, the ForgeRock Identity Platform provides a unified solution to address key challenges around customer authentication, secure APIs, customer consent, and identity best practices. Banks can achieve more than just regulatory compliance — they can also introduce new products and services designed to meet the needs and expectations of today’s empowered consumers.

PSD2

The Revised Payment Services Directive (PSD2) is meant to increase competition and innovation in the financial system by increasing privacy and security to improve the customer experience. The ForgeRock Identity Platform is uniquely suited to address PSD2 requirements around strong customer authentication, data sharing via secure APIs, and explicit customer consent for data sharing.

Financial Services Solutions

Consumer Data Right

The Consumer Data Right (CDR) legislation aims to provide consumers in Australia with better choice, access, and control of their data, including how it is used and disclosed. CDR requires that banks open their business by providing access to data and controlling how data will be used and managed by third-parties. It also mandates that banks provide consumers with greater transparency and security.

With ForgeRock, you can modernize IAM to meet CDR requirements as well as create new business models to grow revenue and customer satisfaction.

CDR Solutions

Open Banking Accelerators

Open Banking Accelerators from ForgeRock consist of reference architecture, configuration, code, and documentation for API security. They cover the key use cases of third-party providers onboarding, staging and authorization of consent, and control of subsequent third-party provider access to APIs. The Open Banking Accelerators are available and have passed OpenID foundation FAPI security conformance testing.

Learn More About UK Open Banking Accelerators  Learn More About CDR Accelerators

Resources

Infographic

Open Banking Infographic

Open Banking, PSD2, and beyond.

Analyst Report

Kuppingercole on the ForgeRock Identity Platform for PSD2 and API Security

Will you simply comply or truly compete in the Open API economy?

Overview

Open Banking, PSD2, and the Transformation of Financial Services

Learn how the ForgeRock Identity Platform addresses the main challenges of Open Banking and PSD2.

Infographic

Get the Facts About CDR Open Banking

Consumer Data Right (CDR), Open Banking and beyond.