ForgeRock roll out Sandbox test-site for PSD2 compliance

US fintech and platform provider of digital identity management solutions ForgeRock has announced the availability of a new ‘Sandbox-as-a-Service (SaaS)’. 

The SaaS is a digital test-site or environment designed to help banks achieve compliance with Open Banking and the Revised Payment Service Directive (PSD2).

The platform is already in production for several European banks that provide apps and services to more than 35 million consumers.

ForgeRock acknowledge how big an impact PSD2 and open banking has had to the payment industry and hope their SaaS platform will further encourage greater innovation and competition within financial services.

Nick Caley, Vice President Financial Services & Regulatory at ForgeRock, said: “Opening up APIs will completely change the financial services landscape by driving new competition, collaboration and innovation.

“However, with tight timescales to meet the upcoming PSD2 deadlines, financial institutions are facing significant challenges to ensure success with this wide-ranging set of regulations.”

ForgeRock’s sandbox is fully compliant with open banking and PSD2, and meets the agreed standard for testing the functionality of account information service providers (AISPs) and payment initiation service providers (PISPs).

In the release, the San Francisco-based firm stated that the cloud-based solution aims to “empower organisations in the ecosystem to achieve full compliance in line with required deadlines while also accelerating the development of web and mobile applications for payment service users”.

Developers and architects can also gain access to test the public version of the SaaS, which supports the main components that application developers require when testing consent, on boarding and access.

This includes account and transaction API, payment initiation API and security profile.

Caley continued: “The ForgeRock Open Banking Sandbox can provide financial institutions with a compliance-ready, managed service that can prevent significant technical headaches, and save time and money, both now and in the future.”