Leverage Open Banking

Join the Open Banking revolution. Effortlessly connect to any bank or third-party app via secure APIs to deliver standout customer experiences.

Overview > Okta for Financial Services

Open Banking and its European equivalent PSD2 are driving innovation in financial services, powering new features and functionality, streamlined payments, and allowing customers to access all their financial information in one place. The opportunities are vast, but businesses must comply with stringent security requirements.

Protect your APIs, secure every transaction and drive exceptional customer experiences, with strong identity management at the heart of your strategy.


of UK small businesses are now using Open Banking providers, with nearly 3 in 5 starting to use these services in the first 6 months of 2020

Source: Openbanking.org

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Open Banking and PSD2

What are PSD2 and Open Banking, where are financial services businesses on the global adoption curve, and what must they consider next? Discover the state of play in Open Banking and why it’s becoming top priority post-COVID.

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API Access Management

Protect your APIs with financial-grade API security. Okta’s solution provides a complete OAuth 2.0 standard compliant API Authorisation server with an identity-driven API access policy engine, allowing you to deliver on the potential of Open Banking while keeping your banking APIs secure at all times.

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Multi-Factor Authentication

Secure customers’ transactions with strong authentication that ensures Open Banking compliance. Okta’s MFA and Adaptive MFA solutions reduce the risk of fraud while delivering a simple, frictionless customer experience.

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Customer Identity – Enterprise Edition

Enhance your customer’s experience with Okta’s secure digital identity layer. Make sign in and registration frictionless. Manage user consents effectively, with a seamless user experience and a single source of truth for any changes to that consent.


Open Banking is a regulatory initiative that requires banks and financial institutions to share access to customers’ banking data with third-party financial service providers via application programming interfaces (APIs). This simple, secure exchange of data allows businesses to create innovative services that deliver more value to customers.

PSD2, or Payment Service Directive 2, is the European Union equivalent of Open Banking, requiring European banks to open up access to customers’ financial data to third-party providers.

Because financial information can be shared between different providers, customers can see all their data in one centralised place, making it easier to manage and move their money. Open Banking also simplifies and speeds up payments from banking to other services.

Banks can expand their offering by connecting with other service providers, and analyse customer behaviour to provide more personalised services. Fintechs can quickly launch new products and services to gain market share, and integrate other platforms to enhance security.

An open API is a publicly available application programming interface. It allows third-party software developers to access certain data – in the case of Open Banking, financial information in bank accounts – so that they can use this in building new applications and services.

To enrol in the Open Banking Directory, providers have to comply with the strict rules of the FCA or European equivalent. These are designed to prevent fraud and protect customers with enhanced identity verification through Strong Customer Authentication.

Open Banking and PSD2 require companies to implement strong customer authentication (SCA) in order to increase the security of online payments. Essentially, it requires banks to request additional forms of validation to confirm someone’s identity in order to complete payments – for example, through Multi-Factor Authentication.

Ready to start your Open Banking journey?