ForgeRock launches Open Banking sandbox

Digital identity provider ForgeRock today has launched an Open Banking Sandbox-as-a-Service platform.

The firm said the cloud-based testing environment for Application Programming Interfaces (APIs) is aimed at helping firms ahead of the 14 September deadline for financial services firms to achieve compliance with the next phase of the second Payment Services Directive (PSD2) regulation.

Under PDS2 and Open Banking regulation, account providers are required to provide open APIs that enable Third Party Providers (TPPs) to enter the banking and payment ecosystem. At the same time, account providers must also meet a series of technical requirements to ensure customer data is secure and only accessible with the appropriate authorisation and consent.

The Sandbox-as-a-Service, which is already in production with a number of European banks, is focused on end-to-end PSD2 compliance, Strong Customer Authentication, secure API protection and customer consent management.

As part of the sandbox facility, developers and architects will be able to access the public version of the ForgeRock Open Banking Sandbox, which supports the three key components required for testing: account and transaction APIs, payment initiation APIs, and security profiles.

Nick Caley, vice president of financial services and regulatory at ForgeRock, said: “Opening up APIs will completely change the financial services landscape by driving new competition, collaboration and innovation.

"However, with tight timescales to meet the upcoming PSD2 deadlines, financial institutions are facing significant challenges to ensure success with this wide-ranging set of regulations.”

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