Open Banking
Open banking represents regulatory challenges and competitive opportunities. Build and test your banking applications with our secure sandbox.
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 (TPPs) to enter the banking and payment ecosystem, delivering unprecedented innovation and competition.
Deploy the 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 TPPs, meet the PSD2 regulation, offer a great developer experience, and allow us to support your production PSD2 efforts.
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.
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 TPP onboarding, staging and authorization of consent, and control of subsequent TPP access to APIs following v3.1 of the Open Banking standard. The Accelerators make maximum and efficient use of version 6.5.1 of the ForgeRock Platform. The Open Banking Accelerators are available and have passed OpenID foundation FAPI security conformance testing.
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.
What Is the Revised Payment Services Directive (PSD2)?
This brief video explains why 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.
Open Banking Hackathon
ForgeRock held the first ever Open Banking Hackathon in the fall of 2018. Teams of developers came together to build interesting applications based on the Open Banking APIs using a sandbox with a modern directory and launched a reference bank implementation.
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.
