Unlock the Power of Digital Identity in Open Banking

Build Trust Through Consent and Privacy

The increasing integration of services across the expanding Open Banking 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

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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 Banking 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

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Accelerate Open Banking and Custom APIs

Open Banking application programming programming interfaces (APIs) give banks opportunities to form new relationships with their customers. However, standing-up FAPI-compliant Open Banking and custom APIs is increasingly challenging and expensive. Take advantage of the ForgeRock Secure API Gateway for Open Banking to:

• Deliver Open Banking test and production APIs in weeks, not months or years.
• Leverage FAPI-compliant custom APIs to drive revenue.
• Enforce APIs with comprehensive enterprise-grade IAM capabilities.

Learn About the ForgeRock Secure API Gateway for Open Banking