Ping Identity supports companies with open banking under PSD2

Ping Identity is a software development company offering identity management, multi-factor authentication, and single sign-on tools for its clients.

New features include the equivalent of self-service user registration for consumers, known as Dynamic Client Registration. This allows third parties to register with the Open Banking Authority, which helps banks verify their identities within the Open Banking Directory.

PingFederate 9.0 also includes three developments to its OAuth and OpenID Connect feature set, all centering around the usage of signed assertions in different security contexts:

• OpenID Connect Signed Authentication Requests enable clients to pass rich verifiable data as part of an authentication request.
• JWT-based Client Authentication enables architects to eliminate the need for clients to send secrets over the wire.
• JWT Authorization Grant enables a client to pass a signed assertion representing the authentication of the subject to the Identity Provider rather than asking the user to directly authenticate every time.

Ping Identity had also been selected by Open Banking, the UK-based body tasked with building the specifications and industry standards in response to PSD2, to provide the identity and access management (IAM) technology that will underpin the UK’s Open Banking framework.