Fintechs are making waves in the finance services and banking industries, and open banking will be a key factor propelling them to the forefront. This presents a major challenge for banks in the rapidly evolving industry. On the flip-side, according to Connectivity Benchmark Report 2018, the lack of re-use and the lack of self-service bring a company large costs and only one third of organizations ‘internal IT software assets and components can be used for developers’ reuse. This trend needs to be changed and instead of competing directly against fintech and third-party institutions, incumbents can leverage open banking to partner with them and thereby remain competitive and cost efficiency.
Open banking offers opportunities to greatly expand the number and diversity of services to manage customers’ finances instead of simply facilitating transactions. For faster innovation, developers need access to APIs that allow them to discover, connect, and reuse software assets. In particular, APIs behave like messengers running back and forth between applications, databases, and devices. According to Chris Skinner, there will be a gradual transition from monolithic systems and existing systems to the world of pure financial API in 10 years.
Cloudentity’s Dynamic Authorization Open Banking Sandbox is a proven model that provides a secure infrastructure for enterprises deploying API-driven services for Open Banking. It uses context-based Dynamic Authorization based on who, what, where, when and why to authenticate a user’s identity and securely connect them to their financial apps and services. Cloudentity’s Authorization Control Plane, a key component of its Open Banking solutions, provides financial-grade APIs along with the management, enforcement and auditing necessary to meet strict compliance standards. Cloudentity’s capabilities solve the complex security challenges in Open Banking and help to assess the context of each data transaction for better security and improves customer experience for financial services apps.
Okta is the leading independent provider of identity for the enterprise, and the Okta Identity Cloud enables organizations to both secure and manage their extended enterprise, and transform their customers’ experiences.
With over 5,500 pre-built integrations to applications and infrastructure providers, Okta customers can easily and securely adopt the technologies they need to fulfill their missions. Over 5,600 organizations, including 20th Century Fox, JetBlue, Nordstrom, Slack, Teach for America and Twilio, trust Okta to securely connect their people and technology.
iProov creates digital trust by securely authenticating remote users with face biometric verification using Genuine Presence Assurance (GPA).
iProov delivers its world leading anti-spoofing technology, which is supported by 21 granted patents, as a cloud-based service. Customers include the Australian Tax Office, US Department of Homeland Security, the UK Home Office, GovTech Singapore, ING and Rabobank. Our customer centric technology verifies that an online user is the right person, a real person, and critically, that they are authenticating right now – not an imposter or a machine-driven cyber-attack.
This passive, effortless, face biometric verification technology is used for customer onboarding; KYC, identity recovery and returning authentication; step-up and multi-factor authentication. GPA is critical in protecting against identity fraud, account takeover and other financial fraud attacks.
This inclusive face biometric verification technology can be accessed from any personal device with a front facing camera and does not intrude on the user’s handset.