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.

Test Functionality in the UK Open Banking Sandbox

ForgeRock is a key enabler in making Open Banking a reality through the development of a cloud-based sandbox application: the Model Bank. The Model Bank, in concert with the ForgeRock Directory, enables you to demonstrate and test functionality designed for an Open Banking ecosystem.


You can safely demonstrate and test the functionality for your Open Banking ecosystem, enable connection and functional testing for third-party providers, meet regulations, offer a great developer experience, and allow us to support your production efforts.

Learn More About the UK Open Banking Sandbox

Capabilities for Open Banking Sandbox

 

Mock Bank

The Mock Bank is a complete solution example that accelerates the deployment of the ForgeRock Stack for compliance with the UK Open Banking Standard. A basic “mock bank” is provided so that customers can install the accelerators in stand-alone mode and test immediately. The solution meets all UK Open Banking Version 3.1 requirements.

Open Banking APIs

The ForgeRock Open Banking Sandbox supports all UK Open Banking APIs. We also ensure that you always have the most relevant functionality by working closely with the Open Banking Implementation Entity (OBIE) on future versions.

Customization

Make the sandbox yours by customizing the user interface (UI), the OIDC provider, and the resource server.

Security

Certification ensures our products are aligned with industry standards. ForgeRock has been OpenID Connect (OIDC) conformant since 2015 and Open Banking security conformant since March 2018. ForgeRock is also certified by the OpenID Foundation (OIDF) for the new financial-grade API 2 (FAPI 2) conformance. These certifications give customers confidence that your Sandbox-as-a-Service aligns with required standards for Open Banking.