ForgeRock says that it is immediately making available its open banking accelerator for the banking and payment ecosystem, including third party providers (TPPs) to jumpstart compliance with UK and related open banking standards.
The San Francisco-based multinational specialises in identity and access management software and are aimed at reducing the time, cost, complexity and risk of implementation errors in making application programming interfaces (APIs) secure and building a fit for purpose, robust and scalable open banking infrastructure.
ForgeRock’s accelerators include reference architectures, configuration, code and documentation of API security, and cover the key use cases to meet the requirements for the UK open banking standard.
They include a ‘mock bank’ so customers can install the accelerators standalone and immediately test. The accelerators also comply with the open banking OpenID Connect (OIDC) security conformance test suite.
ForgeRock has also created a 45-minute on-demand webinar for organisations to learn how to easily implement the open banking and Payment Services Directive (PSD2) standards focused on TPP onboarding, consent and access to resources. The webinar will provide an overview of ForgeRock’s open banking and PSD2 Accelerator solutions and the Sandbox-as-a-Service, which was released in March this year.
“The availability of the open banking accelerator solution extends ForgeRock’s industry-leading innovation and commitment to open standards that drive global regulations,” the company announced. “ForgeRock has a number of resources for fintechs and other industries to learn more about open banking and PSD2.”
ForgeRock’s identity platform is used by organisations as their digital identity system of record to monetise customer relationships, address regulations for privacy and consent – including the General Data Protection Regulation (GDPR), the US Health Insurance Portability and Accountability Act (HIPAA), and Federal Communications Commission (FCC) privacy – and to leverage the Internet-of-Things (IoT).
The company is privately held and backed by global venture capital companies Accel Partners, Foundation Capital, Meritech Capital, and KKR.
Open Banking cannot be ignored by multi-national corporations
PwC report reveals that most SMEs and adults will adopt by 2022, even though security is major concern; COULD BE OPPORTUNITIES FOR ALL
Is Open Banking irrelevant for large MNCs?
If consumers give permission to access their accounts, it might, but it is all a matter of trust
UK uptake of open banking ‘hampered by PSD2’
A report by advisory firm Fingleton Associates finds that progress has been made, but more is needed for open banking to gain traction
FreeAgent secures open banking data links with UK big banks
The Edinburgh-based cloud-based accounting software specialist will link banking data from the so-called CMA9 lenders
Mastercard launches Open Banking Solutions suite
The four applications and services, initially focusing on the UK and Poland, aim to support the growth of open banking across Europe.
API adoption keeps on growing
Deutsche Bank and Citi expand their services
API revolution continues with two new US standard APIs being tested
API standardization industry group launches online community to support adoption of standardized APIs AND release two APIs for testing: