Ping Identity Launches a Quickstart Private Sandbox to Streamline PSD2 and Open Banking Conformance for UK Financial Services

Ping Identity, the leader in Identity Defined Security, today announced the launch of a new Quickstart Private Sandbox for Open Banking and PSD2. It is designed to help banks, and other financial account servicing payment service providers (ASPSPs), rapidly test and deploy the security infrastructure required to successfully deliver innovative open banking services and meet the Open Banking Security Profile within any environment.

The Quickstart Private Sandbox for Open Banking and PSD2 deploys the latest versions of the Ping Identity Platform, including PingFederate, PingAccess and PingDirectory, complete with a set of example applications and APIs to allow service testing. The two reference applications are a sporting goods e-commerce store and a financial transaction aggregator. They integrate with a pair of test APIs for payments and accounts, which Ping has built to Open Banking’s Read/Write Data API Specifications. This allows financial services providers to quickly carry out transaction testing and account aggregation within a security conformant framework.

“The process of deploying multiple security elements to meet the Open Banking Security Profile is a complex and largely manual process that can take days and it’s potentially open to misconfigurations that may be difficult to spot within this relatively new technology area,” explained Phil Allen, VP EMEA for Ping Identity. “Our new Quickstart Private Sandbox for Open Banking and PSD2 is essentially an orchestration script that automates an entire configuration. This also includes reporting and exception warnings in just a few minutes as part of a process that is entirely controlled by the bank within any environment they wish.”

The script orchestrates the automated creation of environments that have been certified within the Open Banking Conformance Suite leveraged by banks, certified third-party security providers and platform vendors. Crucially, the Quickstart Private Sandbox allows automated deployment across dedicated servers, hosted and cloud configurations including AWS and Google.

“Every day, industry players are announcing new cloud-based Open Banking hubs, reference applications, or directory sandbox environments. However, the reality is that the shared hosted testing capabilities other vendors offer can’t help address complex legacy systems and architecture within the largest enterprise banks,” added Allen. “Although public cloud has many advantages in terms of agility, some organizations would rather deploy their initial Open Banking development environments using in-house servers or a private cloud with their own teams in charge of the entire process.”

The Quickstart Private Sandbox and the Ping Identity Platform have been designed to meet the 70 technical security tests set by Open Banking Ltd. These tests allow UK banks to more easily implement industry guidelines that drive competition and innovation in UK retail banking.

Author: Yash Hirani

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