Ping Identity has become the first enterprise-class identity vendor to achieve FAPI-CIBA certification from the OpenID Foundation. FAPI-CIBA – short for Financial-grade API Client Initiated Back-Channel Authentication – is an Open Banking standard that is intended to improve the payment experience for people making purchases online.
To that end, the FAPI-CIBA standard specifically concerns a decoupling process that separates the device being used to make a purchase from the device being used to authorize it. As it stands, people are often redirected from a website to a dedicated payment page when they buy something in a web browser. A FAPI-CIBA solution, on the other hand, will send a notification directly to the user’s preferred payment app when they initiate a transaction. The user can then respond to that notification and verify the transaction on a separate device.
In doing so, FAPI-CIBA eliminates the need for confusing redirects, and allows consumers to take advantage of a financial app that they are already familiar with. The standard is geared toward highly regulated industries with strict consent and identity requirements, such as finance, healthcare, and insurance.
Ping Identity is currently one of only five vendors that have received FAPI-CIBA certification. The company suggested that its solution can help enterprises future-proof their businesses, since they will have an easier time adapting (and complying) as new standards are introduced.
“From mobile banking to online purchasing to the use of third-party financial data aggregators, customers expect control over how and when they share their personal financial data,” said Ping Identity Founder and CEO Andre Durand. “Ping Identity’s FAPI-CIBA certified solutions give them the tools to meet those demands.”
In February, Ping Identity unveiled a new PingOne Verify solution that uses facial recognition to help clients onboard new users remotely. The company has also used its ShoCard mobile application to deliver COVID-19 immunity credentials.