News
Ping Identity Delivers PSD2 and Open Banking Compliance Solution and Best Practices to Help Firms Prepare for Regulatory Start in 2018
May 2017 by Marc Jacob
Ping Identity announces its range of comprehensive solutions and key resources, including – blogs, a webinar, a downloadable eBook, technical solution guide and conference sessions / speaking events – for these organisations to gain competitive advantage while achieving the required compliance with the early 2018 regulatory deadlines. Ping’s keynote today at the EIC Conference in Munich is the first of many activities and resources available for firms to learn more about the critical role of Identity and Access Management (IAM), to help meet these regulatory requirements.
To support its customers’ need for regulatory compliance, Ping delivers a modern approach to open banking, with IAM as the foundation. The company has delivered advice and best practices to inform and educate firms about these mandates and to specify an IAM architecture, optimised for a balance of compliance, financial-grade security and seamless user experiences. Working with partners and industry thought leaders, Ping has created webinars, whitepapers and related assets to educate and advise firms on these and other regulatory mandates.
PSD2, designed to create more competition and stimulate innovation in the banking sector, requires Account Servicing Payment Service Providers (ASPSPs), including banks, building societies and credit unions, to expose open APIs (Application Program Interfaces) to allow other banks and third-parties to access customer account information, when the customer has given their consent. The UK’s Open Banking Standard is expected to adopt OAuth 2.0 and OpenID Connect (OIDC) as the authentication and authorisation standards for open banking APIs. Ping’s longstanding commitment to standards, its participation in the organisations who create and certify standards, and its adoption of these standards in it’s leading IAM products uniquely positions the company to help customers achieve PSD2 and open banking compliance.
Ping’s IAM solution, the Ping Identity Platform, provides federated single sign-on (SSO), multi-factor authentication (MFA), access security, directory and data governance. To solve for the specific challenges of open banking, it can:
? Issue tokens based on strong customer authentication and consent.
? Store identity, policy and consent data necessary to issue properly scoped access tokens to third party providers.
? Act at each API to validate and introspect the submitted access tokens, supplying necessary identity and scoping contexts to payments and accounts APIs.
