Ping Identity Releases Consumer Data Right Sandbox to Fast-Track Open Banking Adoption in Australia
June 09 2020 - 7:17PM
Business Wire
Company Delivers an End to End Software
Environment Aligned to the CDR Specification
Ping Identity, the Intelligent Identity solution for the
enterprise, today announced the release of its Australian Consumer
Data Right (CDR) sandbox environment to allow banks and FinTech
companies to jumpstart their CDR compliance efforts.
Under CDR rules, financial institutions must provide customers
with greater access and control of their data. The aim is to make
it easier for consumers to switch between products and services and
to encourage more competition between service providers.
For tier one banks and large financial institutions,
CDR-compliant data sharing needs to be in place by July 1. However,
because of the pressures caused by the COVID-19 pandemic, tier two
banks and smaller firms have been granted an extension until July
2021.
Ping Identity’s CDR sandbox environment builds on its previous
successes worldwide in Open Banking, where the company became the
provider of the first identity platform to pass all 70 technical
security tests with zero warnings.
“This is a significant release for the Australian financial
services market,” explains Mark Perry, APAC CTO, Ping Identity, and
member of the Data Standards Body, the advisory committee for the
CDR. “Our customers have been under a great deal of pressure to
make technology purchasing decisions for CDR compliance.
“The CDR sandbox provides a pre-built development environment to
get started quickly without the cost of custom development. It
allows banks and FinTechs to focus on their core business — working
with customer data via the CDR APIs — and leaves the complex
InfoSec and user consent requirements to Ping Identity. The CDR
continues to evolve, and Ping Identity will continue to update the
sandbox accordingly. As an additional benefit, it is also a
flexible platform for future digital transformation that can be
used for other identity security projects across the
enterprise.”
Sandboxed Testing Environment
Ping Identity’s sandbox is a DevOps-driven environment, built on
Ping technology, that can be deployed in minutes and includes the
major technical and user experience requirements of the CDR
specification version 1.2:
- An implementation of the CDR InfoSec specification, which is
based on the Financial-Grade API (FAPI) specification that Ping
Identity has contributed to over many years
- A mock ACCC registry, supporting fintech registration and
maintenance services
- An implementation of the CDR data sharing APIs, using Biza.io’s
DeepThought CDR API implementation
- A sample Data Holder (bank) web application, demonstrating
authentication, authorisation, token creation, and user
consent
- A sample Data Recipient (fintech) web application, showing the
end user experience in creating a data sharing arrangement with a
Data Holder, and the display of transaction data based on
CDR-compliant API calls to the Data Holder, on behalf of the end
user.
CDR is a technical specification developed as a multi-industry
open standard by Data61 and the ACCC with industry collaboration.
It leverages FAPI, OAuth 2.0 and OpenID Connect (OIDC) to define
additional technical requirements for the financial industry and
other sectors requiring higher security. For banks specifically,
CDR provides various advantages, enabling third-party applications
to securely interact with financial accounts, while also enhancing
the user’s ability to control security and privacy settings,
without insecure sharing of the user’s banking credentials
(screen-scraping).
In the future, the CDR will expand to cover other industries
like energy with a similar security model and other industries are
likely to follow.
To see the Ping Identity CDR Sandbox, visit
https://www.pingidentity.com/en/lp/australian-open-banking.html.
About Ping Identity
Ping Identity is the Intelligent Identity solution for the
enterprise. We enable companies to achieve Zero Trust
identity-defined security and more personalised, streamlined user
experiences. The Ping Intelligent Identity™ platform provides
customers, workforce, and partners with access to cloud, mobile,
SaaS and on-premises applications across the hybrid enterprise.
Over half of the Fortune 100 choose us for our identity expertise,
open standards, and partnerships with companies including Microsoft
and Amazon. We provide flexible identity solutions that accelerate
digital business initiatives, delight customers, and secure the
enterprise through multi-factor authentication, single sign-on,
access management, intelligent API security, directory, and data
governance capabilities. For more information, visit
www.pingidentity.com.
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Investor Relations Contact Nick Allen Tel: 720.728.1007
investor@pingidentity.com
Media Contact Kristin Miller Tel: 720.728.1033
press@pingidentity.com
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