OPEN BANKING SELECTS PING IDENTITY TO UNDERPIN THE UK’S OPEN BANKING FRAMEWORK

Ping Identity, the identity security company for over half of the Fortune 100, has been selected by Open Banking to provide the identity and access management (IAM) technology that will underpin the UK’s open banking framework - the UK’s national response to the second Payment Services Directive (PSD2). 

Ping’s IAM solution suite, the Ping Identity Platform, will provide the hub for Open Banking, where all UK banks and financial services organisations, and third-party providers (TPPs) wanting to participate in the open banking ecosystem, will need to go through an enrolment and verification process before becoming trusted identities stored in a central Ping repository. 

Since forming the partnership, Ping and Open Banking have collaborated on a number of essential framework elements, including credential storage, authentication, authorisation, and policy enforcement. Ping will also play an active role in the implementation of the framework, and in the service delivery.

Phil Allen, VP EMEA at Ping Identity, said, “We are delighted to have been chosen by Open Banking as the IAM partner that will provide the hub for open banking in the UK. The experience that we have working with some of the world's leading retail and digital banks, challenger banks, and our partnership with Open Banking, has helped to develop a solution that allows organisations to not only meet PSD2 and open banking requirements, but deliver a competitive edge by offering a secure, seamless and personalised experience for customers.”

With the open banking initiative becoming active as of January 2018 and PSD2 implemented in the same month, the UK financial services industry will soon be facing transformational changes. To learn more, visit www.pingidentity.com/psd2.

ENDS

About Ping Identity

Ping Identity envisions a digital world powered by identity. As the identity security company, we simplify how the world’s largest organisations prevent security breaches, increase employee and partner productivity and provide personalised customer experiences.

Enterprises choose Ping for our identity expertise, open standards leadership, partnership with companies like Microsoft, Amazon and Google, and collaboration with customers like Boeing, Cisco, Disney, GE, Kraft Foods, TIAA, Walgreens and over half of the Fortune 100.

The Ping Identity Platform allows enterprises and their users to securely access cloud, mobile and on-premises applications while managing identity and profile data at scale. Architects and developers have flexible options to enhance and extend their existing applications and environments with multi-factor authentication, single sign-on, access management, directory and data governance capabilities. 

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