BANKING
Open Banking Selects Ping Identity to Underpin the UK’s Open Banking Framework
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Ping Identity, the identity security company for over half of the Fortune 100, has been selected byOpen Banking to provide the identity and access management (IAM) technology that will underpin the UK’s open banking framework – the UK’s national response to the second Payment Services Directive (PSD2).
Ping’s IAM solution suite, the Ping Identity Platform, will provide the hub for Open Banking, where all UK banks and financial services organisations, and third-party providers (TPPs) wanting to participate in the open banking ecosystem, will need to go through an enrollment and verification process before becoming trusted identities stored in a central Ping repository.
Since forming the partnership, Ping and Open Banking have collaborated on a number of essential framework elements, including credential storage, authentication, authorisation, and policy enforcement. Ping will also play an active role in the implementation of the framework, and in the service delivery.
Phil Allen, VP EMEA at Ping Identity, said, “We are delighted to have been chosen by Open Banking as the IAM partner that will provide the hub for open banking in the UK. The experience that we have working with some of the world’s leading retail and digital banks, challenger banks, and our partnership with Open Banking, has helped to develop a solution that allows organisations to not only meet PSD2 and open banking requirements, but deliver a competitive edge by offering a secure, seamless and personalised experience for customers.”
With the open banking initiative becoming active as of January 2018 and PSD2 implemented in the same month, the UK financial services industry will soon be facing transformational changes. To learn more, visitwww.pingidentity.com/PSD2.
Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.
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