Beyond PSD2 for a Better Open Banking Expereince

PSD2 is acting as a catalyst in the digital transformation happening in the Banking industry. While meeting the compliance requirements of PSD2, financial institutes are excited to make use of the new business models and opportunities opened by this laid foundation. More the customers and partners we can reach, more the business activities and more the revenue. Making the banking functions more accessible and reactive will be a key enabler to provide a seamless experience to these parties, including internal banking staff whom directly affects the business efficiency.
IAM plays a critical role in improving business accessibility without compromising the system boundaries. PSD2 mandates strong customer authentication(SCA), setting the bar high for user authenticity, while keeping few exemptions, not to bother payment services user(PSU) with SCA for every little transactions. While adhering to this policy will make an institute PSD2 complaint, if they can react fast to the fraud rates…

Why Identity Mediation? And a Language ?

As identified and predicted by several prominent analyst firms(Forrester, Gartner) , acquiring and merging has been the frequent mechanism for enterprises to expand in the recent past and the years to come. With this expansion there is a rising need for enterprises to handle the enterprise across identity and access management procedures in a secured way that is fast enough to have the competitive advantage of the merged or acquired assets. With different enterprises having variety of standards and protocols in use for identity and access management, catering for this requirement is absolutely challenging given the time factor. A similar situation has been addressed by Enterprise Service Bus(ESB) concept few years back, when the requirements raised to mediate between different transport protocols and data formats when communication is required between disparate enterprise systems that are legacy and modern.

We are trying to apply the same concepts around ESB in the arena of identity and access management to provide the basement for an Enterprise Identity Bus(EIB). While the idea of EIB has been discussed frequently in panels with the participation of industry giants and the concept has existed a while, there are limited implementations and research done around the subject. Hence in order to design an elegant solution, we have to go deep down to root levels of mediation language implementations and possible approaches for the mediation engine implementation.

Observing how the identity protocols have been evolving, reaching the glory stages and then getting dead in few years time, the mediation engine needs to be very flexible in its configuration and extensibility where a Domain Specific Language(DSL) is to be defined to cater for. This decision is considered looking at the pros and cons of it and usage of mediation languages in ESBs.

This blog is to provide a platform to discuss and share important findings, thoughts towards the implementation of IML(Identity Mediation Language) and IME(Identity Mediation Engine) together with an approach towards providing a robust solution for the requirement under consideration.


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