Architecting a Digital Strategy for PSD2 and Open Banking
- LANGUAGE: English DATE: Tuesday, May 16, 2017 TIME: 4:00pm CEST, 10:00am ET, 7:00am PT
Lessons-learned for the new regulatory mandates
PSD2 and the Open Banking Standard are regulatory mandates being applied to the banking industry by the European Banking Authority (EBA) and Competition & Markets Authority (CMA) across Europe and in the UK respectively. The regulations require that banks operating across the region expose open APIs to allow other banks and third parties to access the data they hold on customers, when the customer has given their explicit consent. Designed to improve choice for customers, create more competition and stimulate innovation in the finance sector, the introduction of 'open banking' in the UK and across the EU will transform banking as we know it.
Open APIs are the next step in a digital evolution that’s breaking down traditional business and security barriers. An identity-centric approach is required to address the prospect of third-party applications interacting with API services to ensure that the correct level of authentication and authorisation is enforced. Equally important, the General Data Protection Regulation (GDPR) will be in full force by May 2018 for all EU countries. Consent need to be ‘freely given, specific, informed and unambiguous’ – identity will be on the front line in dealing with this.
In this webinar, you will learn more about:
- The regulatory drivers and differences between PSD2 and UK Open Banking.
- The implementation challenges of PSD2 that the CMA has faced and addressed with the technical standards for UK Open Banking, including OAuth 2.0.
- Identity best practices for meeting PSD2 and Open Banking compliance, while ensuring the fine balance between user experience security friction and fraud risk.
- How to build a digital strategy with identity as its focus to quickly adapt and embrace new business opportunities.
Martin Kuppinger, Principal Analyst and Founder of KuppingerCole, will give an overview of PSD2 and will talk about the upcoming changes especially for banks.
In the second part of the webinar, Pamela Dingle, Principal Technical Architect from Ping Identity, and Ralph Bragg, IAM Lead Architect at OpenBanking Ltd, will talk about best practices and the opportunities PSD2 and Open Banking bring to banks in the EU.
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Ping Identity envisions a digital world powered by intelligent identity. We help enterprises achieve Zero Trust identity-defined security and more personalized, streamlined user experiences. The Ping Intelligent Identity Platform provides customers, employees and partners with access to cloud, mobile, SaaS and on-premises applications and APIs, while also managing identity and profile data at scale. Over half of the Fortune 100 choose us for our identity expertise, open standards leadership, and partnership with companies including Microsoft, Amazon and Google. We provide flexible options to extend hybrid IT environments and accelerate digital business initiatives with MFA, SSO, access management, intelligent API security, directory and data governance capabilities.
Consumers and employees are increasingly on-the-go, and that means that more transactions and more work originates from the mobile phone. Fraud and data loss rates have also been rising. A plethora of mobile-based digital identity technologies have entered the market over the last few years to help businesses and other organization meet these challenges.
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