White paper
Open Banking & PSD2
An Inflection Point for Digital Identity Assurance

The UK’s Competition and Market Authority’s (CMA) latest attempt to increase competition and consumer choice among banking service providers is taking shape in the form of the Open Banking initiative. The CMA is expanding the European Banking Authority’s Payments Services Directive 2 (PSD2), in terms of the data that must be made available and is specifying more explicitly how this is done. The UK’s existing and relatively static banking services landscape will be radically transformed through the delivery of standardised “Open APIs”.

Providing a standard set of APIs will be challenging for many functional and technical reasons. Perhaps most challenging from a security perspective will be the replacement of bespoke application protection mechanisms, protocols and internal standards with a single modern Identity and Access Management (IAM) capability that can integrate with third parties. This technical refresh, in a very sensitive area of retail banking, must be delivered within very aggressive timelines imposed by the regulatory authorities.

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