Cloudentity and FAPI 2.0
On May 8th, Cloudentity became one of the first providers to comply with FAPI 2.0 (Financial-grade API) security profile. A month later, Cloudentity is still one of the few vendors to achieve OpenID Foundation certification for FAPI 2.0 across all the different profiles as of this postdate.
In this blog post, we will learn what are the key points that make Cloudentity one of the strongest contenders to choose as an implementation provider with its highly configurable and intuitive approach to adoption and configuration of FAPI guidelines.
FAPI Compliance
Cloudentity provides robust capabilities to help organizations achieve FAPI 2.0 compliance with a single click. FAPI is a set of technical specifications and security requirements designed to ensure strong security and privacy measures for financial APIs. Cloudentity understands the FAPI standards and has made its consumption simple and approachable by abstracting the complexities for administrators to configure the system easily to meet the standards.
Security and Authorization
Cloudentity specializes in API security and access management and offers advanced authorization capabilities, including OAuth 2.0 and OpenID Connect, which are the foundation of FAPI 2.0. These technologies allow for secure authentication, token-based authorization, and protection against unauthorized access to sensitive financial data.
Identity and Consent Management
FAPI 2.0 emphasizes the importance of strong identity verification and consent management. Cloudentity provides features like identity federation, multi-factor authentication, and consent management to ensure compliance with FAPI requirements. These features help organizations build secure and user-friendly experiences for their customers to control consents and applications that are utilizing the consented data.
Developer friendly
Cloudentity offers developer-friendly tools and APIs that make it easier to consume FAPI 2.0 constructs. Cloudentity platform provides a range of pre-built components and libraries, as well as customizable templates and SDKs. This accelerates the development process and helps organizations quickly adopt FAPI 2.0 while reducing time-to-market.
Scalability and Flexibility
Cloudentity is developed and designed to scale from the groundup to meet demands of institutions with very high API throughput requirements. The performance numbers offered by Cloudentity easily surpass those of any other provider in the market currently. This is something unique within the competitive landscape and Cloudentity offers cloud-native architecture and modern scalability techniques, allowing organizations to handle increased API traffic and meet growing demands. Cloudentity also supports various deployment models, including on-premises, private cloud, and public cloud, providing flexibility based on specific requirements.
Compliance and Auditability
FAPI 2.0 compliance often involves audits and regulatory requirements. Cloudentity offers comprehensive logging, monitoring, and auditing capabilities that help organizations demonstrate compliance and track API activities. These features assist in meeting regulatory obligations and provide transparency to auditors and regulators.
Multiple OB profile FAPI support
Cloudentity has the capability to configure and support all the global Open Banking profiles with a single click and is a certified implementation for all the Open Banking FAPI profiles for specific jurisdictions.
Industry Experience
Cloudentity has experience working with financial institutions and understands the unique challenges of the banking and financial industry. Deep expertise in API security, compliance, and financial data protection positions Cloudentity as a mature and trusted FAPI 2.0 implementation provider.
Summary
It’s important to note that Cloudentity not only provides FAPI authorization implementation but also has advanced identity and consent services to enable a very secure and flexible integration model for API security profiles, fintech applications and end user applications. While there are also other providers in the market, Cloudentity has taken the extra step to make consumption of FAPI 2.0 standards easier and manageable for organizations to securely expose APIs with user consent.
Do not stay behind regulations and choose Cloudentity as your FAPI implementation provider!
If interested, be sure to check out all the Open Standards we support or certifications we have.
As we wrote in the Identiverse 2023: Exploring the Future of Identity, Authentication & Access Management
blog post, Nat Sakimura, Chairman of the OpenID Foundation, recently stated, FAPI Security Profile should
be used for all APIs, not only the Financial Grade ones, a perspective that broadens the scope of
this profile and paves the way for a more secure API ecosystem across
different sectors.