In many cases, Fintech services such as aggregation services uses screen scraping and stores user passwords. This model is both brittle and insecure. To cope with the brittleness, the new OpenID Foundation Work Group invites developers, architects and technologists to contribute to an open standard approach using an API model with structured data and to cope with insecurity, it should utilize a token model such as OAuth [RFC6749, RFC6750].
The OpenID Foundation Financial API (FAPI) Working Group aims to rectify the situation by developing a REST/JSON model protected by OAuth. Specifically, the FAPI Working Group aims to provide JSON data schemas, security and privacy recommendations and protocols to:
- enable applications to utilize the data stored in the financial account,
- enable applications to interact with the financial account, and
- enable users to control the security and privacy settings.
Both commercial and investment banking account as well as insurance, and credit card accounts are to be considered.
The FAPI Working Group is building a Fintech bridge through open standards. This effort builds on the wide international adoption of OpenID Connect.
The FAPI Working Group was proposed by Nat Sakimura (NRI), Tony Nadalin (Microsoft), and Cindy Barker (Intuit). A charter will be approved and a chair selected at the first FAPI Working Group meeting.
The FAPI Working Group chairs will be presenting on the focus of the group at upcoming conferences including the 2016 Cloud Identity Summit in New Orleans and the Open Data Finance conference in London, both in June.
The Open Data in Finance conference is an end-user driven event that focuses exclusively on open data and data sharing in the finance sector.
It will bring together influential representatives at the nexus of the open data initiative, to give insights into the plans of government and key industry players, and share how they are shaping and responding to this market change.
The Open Data in Finance organizers have offered OpenID Foundation members a 20% discount to attend. Please contact me directly if interested.
Links of interest:
Those interested in participating will need to submit a signed IPR Agreement indicating their participation in the FAPI WG. The IPR agreement can be submitted online via DocuSign or emailed to email@example.com.