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LONDON, March 18, 2019 (GLOBE NEWSWIRE) -- ForgeRock®, the leading platform provider of digital identity management solutions, today announced the availability of a new Sandbox-as-a-Service, designed to help banks achieve compliance with Open Banking and the Revised Payment Service Directive (PSD2). The sandbox is already in production for several European banks that provide apps and services to more than 35 million consumers.
Ensuring Trust and Consent in the API Economy
The primary goal of PSD2 and Open Banking is to encourage greater innovation and competition within financial services. To facilitate this, account providers are required to provide open APIs that enable Third Party Providers (TPPs) to enter the banking and payment ecosystem. At the same time, account providers must also meet a series of technical requirements to ensure customer data is secure and only accessible with the appropriate authorization and consent.
To comply with these technical requirements, account providers must provide a facility for TPPs to test new services and applications before the next enforcement date of September 14 for Regulatory Technical Standards. ForgeRock’s Sandbox-as-a-Service offers a solution to satisfy these requirements and can made available in a matter of hours.
The ForgeRock Sandbox is fully compliant with Open Banking and PSD2, and meets the agreed standard for testing the functionality of Account Information Service Providers (AISPs) and Payment Initiation Service Providers (PISPs). The cloud-based solution can be deployed rapidly, empowering organizations in the ecosystem to achieve full compliance in line with required deadlines while also accelerating the development of web and mobile applications for payment service users.
Developers and architects can gain immediate access to test the public version of the ForgeRock Open Banking Sandbox, which supports the key components that application developers require when testing consent, onboarding and access, including:
Nick Caley, Vice President Financial Services & Regulatory at ForgeRock, said, “Opening up APIs will completely change the financial services landscape by driving new competition, collaboration and innovation. However, with tight timescales to meet the upcoming PSD2 deadlines, financial institutions are facing significant challenges to ensure success with this wide-ranging set of regulations. The ForgeRock Open Banking Sandbox can provide financial institutions with a compliance-ready, managed service that can prevent significant technical headaches, and save time and money, both now and in the future.”
More information on ForgeRock’s Open Banking and PSD2 offerings is available here.
Identity Live Conferences coming to Nashville, Berlin, Sydney and London
ForgeRock is pleased to announce the return of its wildly successful Identity Live Summits. The first summit will be April 30 & May 1 in Nashville, TN with events also taking place in Germany, Australia and the UK later in the year. These events enable customers, prospects and partners to interact with the most influential, innovative identity professionals and IT executives - all focused on accelerating their digital transformation journey. To register or learn more information, visit the Identity Live website.
ForgeRock® is the Digital Identity Management company transforming the way organizations build trust and interact securely with customers, employees, devices, and things. Organizations adopt the ForgeRock Identity Platform™ as their digital identity system of record to monetize customer relationships, address stringent regulations for privacy and consent (GDPR, HIPAA, FCC privacy, etc.), and leverage the Internet-of-Things. ForgeRock serves hundreds of brands, including Morningstar, Vodafone, GEICO, TomTom, and Pearson, as well as governments such as Norway, New Zealand, and Belgium, among many others. Headquartered in San Francisco, California, ForgeRock has offices in Austin, London, Bristol, Grenoble, Munich, Paris, Oslo, Singapore, Sydney and Vancouver, Washington. ForgeRock is privately held, backed by leading global venture capital firms Accel Partners, Foundation Capital, Meritech Capital and KKR. For more information and free downloads, visit www.forgerock.com or follow ForgeRock on social media:
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Dave De Jear