What is PSD2 and
Open Banking?

The EU’s Second Payment Services Directive (PSD2) and Open Banking have come into force. PSD2 is the second iteration of regulation governing banking services and requires banks across the EU to provide open APIs to allow third party organizations to access their customers’ banking details PSD2 covers all banks, but also other Account Servicing Payment Service Providers (ASPSPs) including building societies and credit unions.

IAM solutions designed for the rigors
of Open Banking

ProofID has a deep understanding, developed through years of delivering IAM solutions into the Finance and Banking sector, of the technical components required to support Open Banking, whether on the banking side, for ASPSPs, or on the third-party side, for AISPs and PISPs. ProofID recommends Ping Identity’s technology stack to provide an end-to-end solution, incorporating user registration, strong authentication, access management and API security.

Enable your organization to meet PSD2 and Open Banking requirements

For ASPSPs

For TPPs

Strong authentication

Strong authentication

Adaptive, contextual multi-factor authentication, compliant with PSD2 RTS SCA specification.

Customer registration

Customer registration
Customisable registration workflows allowing customers to register for your service with a secure and seamless experience.

API security

API security

Standards based security layer for Open Banking and other APIs, ensuring that only authenticated users can access the API.

 Multi-factor authentication

Multi-factor authentication

Comprehensive user authentication capabilities, with brandable MFA incorporated into your platform or app.

Consent management

Consent management

Incorporate collection, storage and management of consent for financial transactions directly into the user authentication flow.

Open access

Open access

Security enforcement for your service, limiting access to authenticated users and enabling contextual multi-factor authentication.

Risk based authentication

Risk based authentication

Out-of-the-box connectors for leading risk and fraud detection services including Threatmetrix and iovation.

Account linking

Account linking

Highly scalable and flexible platform for storage and retrieval of linked bank account information for TPP end customers.

API gateway

API gateway

Abstract the management of Open Banking and other APIs away from the core banking platform.

Consent management

Consent management

Capture and manage customer consent for the TPP acting on the customer’s behalf.

Policy decision point

Policy decision point

Decouple definition of rules from the core banking platform and evaluate and manipulate rule on the fly to comply with the PSD2 SCA requirements.

Analytics

Analytics

Realtime analytics and visualizationvisualisation of usage patterns of the Open Banking platform.

Analytics

Analytics

Realtime analytics and visualizationvisualisation of usage patterns of the Open Banking platform.

Blog

PSD2 & Open Banking
Explained

Read more

Blog

Interview with TTP: Gareth Noonan, The Asset Exchange

Read more
Ping Identity

Don’t stop at compliance.

See how our leading IAM solution can enable your organisation to meet PSD2 and open banking requirements and turn a compliance challenge into an opportunity for your business.

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ProofID IAM Managed Service

Under ProofID’s IAM Managed Service, Open Banking can be deployed in your organization as a turnkey solution, accelerating provision of the seamless customer experience required in the newly competitive banking environment

Explore Managed Service

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