Based on the Linux Foundation’s Janssen Project, the software enables banks to jumpstart implementing
best-in-class security for open banking APIs.
Austin, Texas, April 30, 2021 – Gluu, a leading commercial open source vendor of digital identity software, and London-based Open Banking specialist Openitio, today announced the availability of the Gluu Open Banking Identity Platform. It is the first open banking identity platform that is also open source.
Following the UK and Europe’s lead, several countries have announced open banking initiatives that enable third parties to initiate and process online payments, access account data, and leverage bank’s identity proofing information. It is critical to control access to these APIs using open standards for security, including OAuth and OpenID Connect. The Gluu Open Banking Identity Platform provides this crucial security infrastructure and more to enable banks to easily comply with regulatory requirements.
In addition to the software, Gluu and Openitio are also collaborating to open source the know-how and guidelines. Openitio brings knowledge and skills from implementing Open Banking systems for large global banks in the UK to large, medium size and small high street banks and credit unions globally. Gluu and Openitio are joining forces to publish these recipes for compliance, enabling system integrators and banks to collaborate to deliver these complex projects. The partnership will increase innovation and adoption rates and drive down the total cost of ownership for financial institutions.
“Gluu believes that communities build better software,” said Mike Schwartz, CEO of Gluu. Banks may not care about open source, but long term innovation is critical to their business. It is our job to give banks the best tools to enable them to implement open banking quickly to support the fintech industry and their bottom line.”
“Our partnership with Gluu is the market’s first of its kind model for financial institutions to accelerate the adoption of open banking and open finance by drastically reducing the costs and time to market for deployment. The combined benefits of a commercially backed product that’s core is open source will make world-class identity and security software accessible to financial institutions of all budget ranges” says Bhupinder Singh, CTO of Openitio.
The Openitio Open Banking Gateway, secured by the Gluu Open Banking Identity Platform, is a plug-and-play, simple to deploy solution that is designed to secure existing Bank API gateways and API management implementations. It ships with the right baseline security configuration for banking, so you don’t have to do a lot of work to make it compliant with local regulations”, adds Singh.
Since 2009, organizations worldwide have trusted Gluu for large-scale, high-security identity & access management (IAM). Gluu’s comprehensive open-source platform provides industry-leading solutions for web and mobile single sign-on (SSO), two-factor authentication (2FA), and API access management. Built on open web standards like OpenID Connect, OAuth 2.0, and WebAuthn (FIDO), customers choose Gluu for performant, compliant and modern authentication, authorization, federation and hybrid cloud identity.
Headquartered in London, Open Banking specialist Openitio has been working with financial institutions in the UK and Europe since the inception of Open Banking in UK (OBIE) and PSD2 in Europe. Today Openitio works with consulting and systems integration partners globally, delivering technology that helps banks and financial institutions accelerate Open Banking compliance and more importantly: innovate, re-architect and stay relevant to their customers in ‘Open’ banking technology ecosystems.
Gluu Media Contact
OpenItio Media Contact