What You Will Discover
Introduction
Open banking has transformed the financial landscape, enabling third-party providers to access consumer banking data securely. However, with the increased sharing of sensitive information comes the responsibility to ensure robust security measures are in place. Finexer, as a leader in open banking, is committed to protecting your financial data while maintaining compliance with regulatory standards.
Understanding the Fundamentals
- Open Banking Explained
Open banking is a practice that allows third-party financial service providers to access consumer banking and financial data through secure APIs (Application Programming Interfaces). This enables the development of innovative financial products and services, promoting competition and consumer choice in the financial industry. - The Second Payment Services Directive (PSD2)
The Second Payment Services Directive (PSD2) is a European regulation that aims to foster innovation, competition, and security in the payment services sector. PSD2 mandates banks to grant third-party providers secure access to customer accounts and data, subject to customer consent. This regulation forms the foundation of open banking in Europe. - Strong Customer Authentication (SCA)
Strong Customer Authentication (SCA) is a key requirement introduced by PSD2. SCA mandates multi-factor authentication for online payments and account access, ensuring that only authorised individuals can access sensitive financial data. This additional layer of security helps prevent fraudulent activities and enhances user trust in open banking. - The Role of the Financial Conduct Authority (FCA)
The Financial Conduct Authority (FCA) is the regulatory body in the United Kingdom that oversees the financial services industry. The FCA ensures that financial institutions, including those involved in open banking, operate in a manner that promotes integrity, transparency, and consumer protection. Authorisation by the FCA demonstrates a company’s adherence to strict regulatory standards.
📚 Learn more about PSD2 & SCA by FInexer
Finexer: Your Secure Open Banking Partner
- Authorised by the Financial Conduct Authority
Finexer Ltd is proud to be authorised by the Financial Conduct Authority (FCA) under the Payment Services Regulations 2017 (firm reference number 925695) as an Authorised Payment Institution. This authorisation allows us to provide account information and payment initiation services, showcasing our commitment to meeting the highest standards of security and compliance in the open banking ecosystem. - Robust Security Features
At Finexer, secure open banking is our top priority. We employ advanced encryption (AES-256) to protect sensitive data and use tokenisation to replace sensitive information with unique tokens. All communication between users and Finexer occurs over secure HTTPS with HSTS, preventing unauthorised access. Our robust firewalls and restricted network access further enhance the security of our open banking solutions. - Rigorous Development and Testing
Finexer adheres to industry best practices throughout our software development lifecycle to maintain the highest standards of secure open banking. We conduct regular penetration testing, automated testing, and third-party code reviews to promptly identify and address potential vulnerabilities. Our commitment to responsible disclosure and collaboration with security researchers ensures the continuous improvement of our secure open banking solutions. - Data Privacy and Granular Access Controls
Finexer prioritises data privacy as a cornerstone of secure open banking. Our fine-grained user access controls allow you to define precisely what team members can access within your account. Sensitive data is masked or removed from logs, ensuring its protection at all times. We store data in a secure, isolated environment with consistent encryption key rotation, reinforcing our dedication to secure open banking. - Compliance and Industry Certifications
Finexer remains at the forefront of secure open banking as an FCA-authorised payment institution by aligning with relevant regulations such as PSD2 and GDPR. We continuously strive to maintain and exceed compliance standards, demonstrating our commitment to providing a secure open banking experience. Our pursuit of industry certifications further validates our robust security posture and reinforces trust in our secure open banking solutions. - User Authentication and Session Security
Finexer implements strong password requirements and multi-factor authentication to protect user accounts, in line with SCA requirements. We employ well-reviewed protocols for secure session management, preventing unauthorised access to your sensitive data. User access logging and monitoring enable us to promptly detect and respond to suspicious activities, further enhancing our secure open banking environment.
Conclusion
In the era of open banking, security and compliance are paramount. Finexer, as an FCA-authorised payment institution, stands out as a leader in secure open banking. Our comprehensive security measures, rigorous development practices, and unwavering commitment to data protection ensure that your financial data remains safe. By partnering with Finexer, you can confidently embrace the benefits of open banking, knowing that your data is in secure hands.
To learn more about how Finexer can help you navigate the world of secure open banking, visit our website or contact our team of experts today. Experience the peace of mind that comes with our secure open banking solutions and unlock the potential of open banking for your organisation.
Unlock the potential of secure open banking with Finexer – your trusted, FCA-authorised partner! Book a demo now 🙂