Rogue Wave Software announces new API management capabilities to support Open Banking regulations
Latest release of the Akana API Platform enforces rules determined by Open Banking
Rogue Wave Software announces that the latest release of the Akana API Platform provides further capabilities to support the Open Banking specification, which mandates that current account providers supply an interface allowing third parties to access account information and perform authorized operations on behalf of the account holder. The platform also provides support for financial institutions that seek to create a PSD2 (Payment Services Directive 2) dedicated interface that is implemented through APIs. PSD2 is a regulation similar to Open Banking in that it requires all payment account providers in the EU to allow third-party access.
The Akana API Platform now offers support for Open Banking through the enhanced JOSE Security Policy. When the “Enforce Open Banking” option is enabled, the policy enforces rules determined by the Open Banking specification.
These new capabilities build on the platform’s existing renowned security capabilities, such as a built-in PKI capability (to support client certificate-based authentication, for example) and the deeply integrated OAuth2.0 capabilities.
“These enhancements clearly demonstrate our commitment to offer an improved developer experience in the Akana product,” says Olaf van Gorp, Akana API Platform senior specialist at Rogue Wave Software.
“The Akana API Platform allows API developers to implement enforcement of Open Banking rules through a single configurable policy,” continues Van Gorp. “This will directly improve API security management as well as developer productivity, but it is also relevant in terms of scale: additional APIs, or new versions of an API, may reuse the same policy – which may in fact be associated with the API in an automated manner.”
Rogue Wave Software is also pleased to announce that Van Gorp will present a talk at APIdays Paris, a leading API event held from December 11-12. The talk will compare security guidelines covered in Open Banking and PSD2 specifications and see to what extent they may benefit the wider enterprise API developer community across other verticals. Rogue Wave Software will also host a workshop, where the Akana team will add layers of security to an API in real time, as well as an expert table, giving attendees a chance to discuss their API security risks with the Akana team.