New security requirements of Open Banking
The Open Banking Initiative has been a major development in the growth of financial services. This initiative changes the way banks can handle your personal information. Simply put, all banks must allow you to share your financial data, such as spending habits and statements, with other providers or banks, provided they're authorised under the scheme.
The initiative is an attempt to increase competition and innovation within the financial services industry – something that providers rely on to offer new services. However, it's proved to be a challenge for regulators, as it requires releasing data that has traditionally been hidden behind a single institution's firewall. Open banking and the needs of fintechs to access this information and transfer it between what could be multiple locations requires new levels of security.
In response, VeriPark became a member of the Banking Industry Architecture Network (BIAN) with its Omni-Channel delivery solutions. BIAN helps to define a revolutionary banking technology framework that standardises and simplifies core banking architecture. As acceptance grows for this framework, security-related data both at rest and in transit will increase due to the centralisation of data, standardization of service-oriented architecture interfaces and reduction in the number of batch data transmissions.
VeriPark's Omni-Channel banking platform enables banks to authenticate users in digital and assisted channels by using biometrics including iris, palm vein, facial and voice recognition technologies. Onboarding flows and processes are also extended to use the biometrics in order to have a fast and highly secure onboarding experience. As a result of leveraging Azure Cognitive Services, Artificial Intelligence and biometrics, VeriPark builds smooth and secure customer experiences in both digital and assisted channels.