UK’s Open Banking Implementation Entity has selected digital identity management solutions provider ForgeRock to provide a reference bank application that would be used by the associated banks to develop their own applications complying with open banking standards.
Under the contract, ForgeRock will develop, host, manage and deliver the reference bank application through a cloud-based system.
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The ForgeRock Reference Bank Application, developed according to API specifications, offers the agreed standard for testing the functionality of Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs).
It will enable the banks associated with the Open Banking system to develop their own web and mobile applications for personal and business banking customers as well as other Payment Service Users.
Following the authorisation of Account Servicing Payment Service Providers (ASPSP), PISP or AISP, the organisations will be able to join the Open Banking Directory.
They will also receive digital identities and certificates to securely connect and communicate through the Open Banking Security Profile.
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By GlobalDataThe Open Banking system is an initiative by financial services organisations which gives customers greater freedom in interacting with different financial services providers.
The customers and small businesses can share their data securely with other banks and with third parties to compare different products and manage their finances according to their individual requirements.
ForgeRock CEO Mike Ellis said: “ForgeRock is pleased to partner with Open Banking to deliver the Reference Bank Application as a service. It will be the true foundation for helping to ensure success with this wide-ranging set of regulations. ForgeRock already has experience in working with CMA 9 banks, so it’s fitting that we were selected.”
