Ensuring Security, Privacy and Compliance at Once
Throughout Financial Services
Financial institutions, banks, insurance companies and fintech firms form a digital financial services ecosystem highly targeted by cybercriminals and governed by stringent compliance mandates of industry standards, government regulations and security best practices. To provide secure and seamless customer experience over financial information and assets, these services invest in modern security technologies. With its unique features tailored for financial services, the PlusAuth platform makes it easy to manage and secure customer identities and transactions in compliance with regulatory requirements.
The Financial-grade API (FAPI) and Financial-grade API Client Initiated Backchannel Authentication Profile (FAPI-CIBA) are the latest standards and technical specifications of OpenID Foundation, designed for high-risk scenarios and aiming to be secure against very strong attackers. Complying with the FABI and the FABI-CIBA, PlusAuth provides robust authentication and authorization technology with decoupled flows for your online financial services. Especially CIBA flows where the authorization server delegates the tasks of end-user authentication and consent confirmation to an authentication device of the end-user yields new business opportunities not only in financial sector, but also in many other applicable fields.
The Open Banking mandate in the UK and the Second Payment Services Directive (PSD2) regulation in the EU set new standards encouraging creation of safer and more innovative payment services through strong customer authentication, secure APIs for customer data sharing, and modern customer consent mechanisms. The NextGenPSD2 Specification published by the Berlin Group, on the other hand, focuses on creating an open, common and harmonized European API standard to enable Third Party Providers (TPPs) to access bank accounts under the PSD2. PlusAuth provides full support for all of these approaches and helps financial bodies meet the existing technical demands as well as the new ones.
The need for protection of data is becoming increasingly apparent after several high-profile incidents involving leaks of company and consumer data. Data privacy concerns are particularly paramount for companies especially in the financial and healthcare sectors and achieving data privacy compliance with regional and country-specific regulations can be very challenging. Banking and financial institutions need to remain diligent about tracking how laws affect their business operations in different states. The PlusAuth platform helps financial institutions comply with regulations like General Data Protection Regulation (GDPR), California Consumer Privacy Act (CCPA), The Gramm-Leach-Bliley Act (GLBA) and Personal Information Protection and Electronic Documents Act (PIPEDA).
Customers expect to have convenient, secure, seamless, and frictionless access to financial information while financial organizations endeavor to reduce threat surface, protect sensitive data, improve user experience with identity data, maintain customer retention and expand revenue opportunities. PlusAuth enables financial organizations to meet customer expectations with single sign-on, multi-factor authentication and consent management features. Omnichannel identity management and reporting solution, on the other hand, lets financial organizations create, manage and secure customer identities, provide scoped customer access to financial information and relevant services, and gain in-depth customer profile for driving personalized interactions.
