NextGenPSD2
Position yourself to benefit from the significant opportunities that PSD2 offers financial services
What Is NextGenPSD2?
The Berlin Group is leading the way in mainland Europe by providing a standard that addresses many of the demands of PSD2 and publishing the NextGenPSD2 Specification. NextGenPSD2 primarily focuses on defining the interfaces a third-party provider (TPP) will use, the technical characteristics of those interfaces, and the security features that protect them.
The NextGenPSD2 Specification details four approaches to implementing SCA security flows: redirect, OAuth, decoupled, and embedded. The ASPSP determines which of these approaches it will make available to the TPP. ForgeRock provides full support for all of these approaches and has the built-in capability to handle the variable scopes mandated by the OAuth variant in particular.
What Is the Revised Payment Services Directive (PSD2)?
This brief video explains how 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.
What Is Open Banking?
The Open Banking mandate in the U.K. and the second Payment Services Directive (PSD2) regulation in the E.U. are meant to increase competition and innovation in the financial system. They came into force in early 2018 and have set new standards for banks in the areas of strong customer authentication, secure application programming interfaces (APIs) for customer data sharing, and modern customer consent mechanisms.
This is a golden opportunity for banks to both comply with regulations and position themselves for success in the new era of digital banking. A complete digital identity management platform can help banks meet new technical demands and introduce new personalized products and services. This helps strengthen customer relationships and build the secure banking platform of the future.
Open Banking Accelerators
Accelerators consist of reference architecture, configuration, code, and documentation for API security. They help you save money and deploy Open Banking APIs faster and more effectively. Accelerators make maximum and efficient use of version 6.5.1 of the ForgeRock Platform and make it compliant with the Open Banking Specification. They cover key use cases, including TPP onboarding, staging, authorization of consent, and control of subsequent TPP access to APIs following v3.1 of the Open Banking standard. Open Banking Accelerators are available now and have passed OpenID foundation FAPI security conformance testing.