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.