20 February 2018
visit www.nextgenbanking.co.uk/

Ping Identity to underpin UK's Open Banking framework

31 August 2017  |  6794 views  |  0 Source: Ping Identity

Ping Identity, the identity security company for over half of the Fortune 100, has been selected by Open 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 enrolment 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, visit www.pingidentity.com/psd2. 

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
visit www.swift.com/your-needs/instant-paymentsVisit https://www.capgemini.comvisit www.nextgenbanking.co.uk

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
11768 views comments | 16 tweets | 12 linkedin
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
9393 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
9202 views 10 comments | 22 tweets | 26 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
7964 views comments | 13 tweets | 12 linkedin
FCA explores creation of global sandboxFCA explores creation of global sandbox
7291 views comments | 19 tweets | 18 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job