Digital identity management solutions provider ForgeRock has unveiled ForgeRock Open Banking Directory, a technical sandbox to test Open Banking/PSD2 application programming interfaces (APIs).
The test platform is acknowledged by the UK Open Banking, a government-established entity to support open banking initiatives.
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The open banking system, which came into effect in the UK this year, requires the banks to make account data available through secure APIs providing greater control to the consumers over their finances and facilitate interaction between their financial services providers.
Under this system, the APIs are required to be developed to specification and tested following registration with a central directory.
Generally, approvals from UK’s Financial Conduct Authority (FCA) take weeks causing significant disruption in testing the Open Banking/PSD2 APIs.
ForgeRock, which already delivered a reference implementation for the big banks called CMA 9, addresses this delay by providing the new directory sandbox with all functionalities of the central directory.
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By GlobalDataIt is accessible providing the development teams immediate access to the APIs simultaneously with the formal application process.
ForgeRock Financial Services & Regulatory vice-president Nick Caley said: “What started in the UK with Open Banking is rapidly expanding geographically to the EU, Australia and beyond, across other vertical sectors including Utilities and Telecommunications.
“Open APIs represent an enormous opportunity for organisations to comply and compete, and ForgeRock remains uniquely positioned to provide leadership.”
“Extending the Model Bank we provide with a directory to enable streamlined access for third party users to test functionality is a catalyst for more innovation.”
