The San Francisco and London-based platform provider of digital identity management solutions ForgeRock has made its Open Banking Accelerators available to kick-start compliance with new regulatory standards.
The solution on offer, the accelerators, is a suite of solutions aimed at making it easier for the banking and payment ecosystem to quickly become compliant with the EU’s Revised Payment Service Directive (PSD2). It will offer clients reference architecture, configuration, code, and documentation for application program interfaces (API) security covering the key use cases of TPP on-boarding, staging and authorisation of consent, and control of subsequent TPP access to APIs.
ForgeRock’s Open Banking Accelerators are available now and have passed OpenID foundation FAPI security conformance testing.
The news comes as the final stages of PSD2 are just months away from being enforced in September 2019. The directive is, much as the name suggests, replacing the old Payment Services Directive. The idea behind it is to make payments safer and more innovative. The goal is to provide stronger protection for online payments. It also provides new standards for open banking.
One key part of the added security is the new requirement for strong customer authentication. Essentially, it’s a multifactor authentication process for electronic payment. In the future, people making electronic payments will have to give proof of them being who they say they are in two or more ways. This could include something only they would know, something only they have or something the user is.
Copyright © 2018 RegTech Analyst
