Ping Identity has achieved the ‘Financial-grade API Client Initiated Back-Channel Authentication’ (FAPI-CIBA) certification, enabling enterprises to improve the consumer experience during authentication and authorisation for financial transactions.
FAPI-CIBA is a security and interoperability standard from the OpenID Foundation for financial, insurance, healthcare, and other industries that require stronger API security when doing business with customers.
Ping Identity is one of five identity security vendors and reportedly, the first enterprise-class vendor to achieve the new Open Banking certification. “Ping Identity is committed to improving the security of financial services through Open Banking standards,” said Andre Durand, CEO and founder, Ping Identity.
“From mobile banking to online purchasing to the use of third-party financial data aggregators, customers expect control over how and when they share their personal financial data. Ping Identity’s FAPI-CIBA certified solutions give them the tools to meet those demands.”
FAPI-CIBA is an authentication flow that improves the user experience by streamlining how users give digital consent when engaging with an enterprise. It decouples the interaction between devices people use to authenticate themselves from the device that requests access.
For example, when a customer makes an online purchase from a merchant, the user immediately receives a push notification sent to the financial institution’s native mobile app, allowing the customer to avoid confusing redirects via web browsers.
The new FAPI-CIBA certification means that enterprises can use Ping Identity’s product suite to enable secure decoupled user authentication and payment approvals, with the assurance that it meets the FAPI conformance testing requirements.
In addition, enterprises can leverage and stay ahead of evolving Open Banking standards. It also makes it easier for them to comply with the advanced technical standards as they are introduced.