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When PSD2 takes effect, banks across the European Union will be required to expose their core banking functions to these TPPs via APIs. It is imperative that banks begin now to build and lock down APIs in preparation for PSD2. We will take a look at the Open Banking APIs as well as some other competing API offerings, and discuss API security methods.
Strong Customer Authentication (SCA) is a 2nd primary technical requirement of PSD2. Banks and TPPs both must provide mechanisms to do at least 2-Factor Authentication for their customers. Risk adaptive authentication is preferred. Additionally, PSD2 states that financial transaction processors must employ User Behavioral Analytics for higher assurance outside of the SCA requirements.
When PSD2 takes effect, banks across the European Union will be required to expose their core banking functions to these TPPs via APIs. It is imperative that banks begin now to build and lock down APIs in preparation for PSD2. We will take a look at the Open Banking APIs as well as some other competing API offerings, and discuss API security methods.
Strong Customer Authentication (SCA) is a 2nd primary technical requirement of PSD2. Banks and TPPs both must provide mechanisms to do at least 2-Factor Authentication for their customers. Risk adaptive authentication is preferred. Additionally, PSD2 states that financial transaction processors must employ User Behavioral Analytics for higher assurance outside of the SCA requirements.
