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ForgeRock Announces PSD2 and Open Banking Accelerators, Including ‘Mock Bank’ for Testing

ForgeRock has announced the immediate availability of Open Banking Accelerators, for the banking and payment ecosystem, including Third Party Providers (TPPs) to jumpstart compliance with UK and related Open Banking standards.

The Accelerators reduce time, cost, complexity and risk of implementation errors in making APIs secure and building a fit for purpose, robust and scalable Open Banking infrastructure.

ForgeRock has created a 45-minute on-demand webinar for organisations to learn how to easily implement the Open Banking and PSD2 standards focused on TPP On Boarding, Consent and Access to Resources. The webinar will provide an overview of ForgeRock’s Open Banking and PSD2 Accelerator solutions and the previously announced Sandbox-as-a-Service. Click here to view the webinar.

Open Banking Accelerators Make Open APIs Secure and Available

ForgeRock’s Accelerators include reference architectures, configuration, code and documentation of API security, and cover the key use cases to meet the requirements for the UK Open Banking Standard. They include a ‘mock bank’ so customers can install the accelerators standalone and immediately test. The Accelerators also comply with the Open Banking OIDC security conformance test suite.

The availability of the Open Banking Accelerator solution extends ForgeRock’s industry-leading innovation and commitment to open standards that drive global regulations. ForgeRock has a number of resources for fintechs and other industries to learn more about Open Banking and PSD2.

The availability of the Open Banking Accelerator solution extends ForgeRock’s industry-leading innovation and commitment to open standards that drive global regulations.

This follows research published last month which found that merchants not only understand the advantages for themselves but also have a strong grasp of the knock-on benefits to their end customers; chief among these were greater control (68%) and improved customer experience (51%). These findings are important because they demonstrate that merchants see Open Banking as an enabler for improving customer experiences – one of the key competitive battlefields of today. 

The research, undertaken by Censuswide, also found that merchants had a good understanding of the full range of benefits unlocked by Open Banking; with reduction in transaction fees, instant receipt of payments, improved access to loans and reduced security risk ranked in the top four.

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