The OpenID Foundation has launched a new microsite focused on global open banking initiatives and providing resources for fintech developers implementing the Foundation’s Financial-grade API (FAPI).
In 2017, the OpenID Foundation’s Financial-grade API (FAPI) Working Group published specifications enabling high-security API access, suitable for accessing financial data and facilitating financial transactions. In 2018, the UK Open Banking Implementation Entity (OBIE) adopted the FAPI specifications and the Foundation’s self-certification test suite as part of their Open Banking platform. FAPI-based Open Banking APIs are in now in production use in the US, Europe and elsewhere. In April 2019, the OpenID Foundation extended its Certification Program to provide self-certification for FAPI implementations.
FAPI work is seen by many as key to enabling incumbent and start-up financial services players build products, platforms and services consistent with the Payment Services Directive Two (PSD2). Most importantly, it gives end-users more control and security in financial interactions, while also assuring their privacy in conformance to GDPR.
“As a new wave of developers from the fintech community engage with OpenID Connect and FAPI, the Foundation has invested in new resources to help guide developers leading global open banking initiatives”, said Don Thibeau, OpenID Foundation Executive Director. “Many from the fintech community are getting up to speed with both OpenID Connect and FAPI. The new microsite provides an educational resource free of charge to anyone at any time for how OAuth, OpenID and FAPI specifications work together. It’s an evolving resources aimed to highlight global open banking initiatives by inviting content from members and contributors to benefit the community as a whole.”
The launch of this new OpenID Foundation microsite coincides with the Financial Data and Technology Association (FDATA) Open Finance Summit & Awards 2019. OIDF Chairman Nat Sakimura is among those recognized for an “Open Banking Hero Award”.
“Nat’s leadership in the development of the Financial-grade API (FAPI) and promotion of global open banking standards is recognized by this award nomination”, said Don Thibeau. “The Foundation is honored to have Nat nominated and recognized for his ongoing international leadership.”
Please visit the open banking and Financial-grade API (FAPI) microsite at: https://www.openid.net/fapi. If you have relevant content that would benefit the fintech community and would like to submit for publishing consideration, please email me at firstname.lastname@example.org
OpenID Foundation Executive Director