Why SecureAuth for FAPI 2.0
OAUTH
By Renjith Babu | Published June 8, 2023
Learn how organizations benefit from having SecureAuth as the FAPI 2.0 implementation provider for securing OpenBanking/Finance API ecosystems.
SecureAuth and FAPI 2.0
On May 8th, SecureAuth became one of the first providers to comply with FAPI 2.0 (Financial-grade API) security profile. A month later, SecureAuth 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 SecureAuth 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
SecureAuth 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. SecureAuth 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
SecureAuth 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. SecureAuth 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
SecureAuth offers developer-friendly tools and APIs that make it easier to consume FAPI 2.0 constructs. SecureAuth 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
SecureAuth 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 SecureAuth easily surpass those of any other provider in the market currently. This is something unique within the competitive landscape and SecureAuth offers cloud-native architecture and modern scalability techniques, allowing organizations to handle increased API traffic and meet growing demands. SecureAuth 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. SecureAuth 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
SecureAuth 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
SecureAuth 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 SecureAuth as a mature and trusted FAPI 2.0 implementation provider.
Summary
It's important to note that SecureAuth 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, SecureAuth 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 SecureAuth 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.