We are excited to announce that PortX has officially received OpenID’s Financial-Grade API (FAPI) certification and joined the OpenID Foundation as a member. This critical milestone reaffirms our commitment to providing secure, reliable, and compliant solutions to financial institutions, fintechs, and banking core providers.
What is Financial Grade API (FAPI)?
Financial-Grade API (FAPI) is a specialized API security standard defined by the OpenID Foundation. Extending the OAuth 2.0 and OpenID Connect (OIDC) frameworks, FAPI provides enhanced security features specifically tailored to the needs of the high-stakes financial industry. Key components and security protocols of FAPI include:
- Strong Customer Authentication (SCA): FAPI mandates multi-factor authentication (MFA), requiring users to verify their identity through at least two independent factors—something they know (password), something they have (a mobile device), or something they are (biometrics).
- Request Object Signing: FAPI introduces signed request objects as JSON Web Tokens (JWTs) that encapsulate all OAuth 2.0 authorization request parameters. The client signs these JWTs, allowing the PortX Authorization Server to verify their integrity and authenticity and significantly reducing the risk of tampering and unauthorized access.
- Token Binding: FAPI leverages token binding to associate issued tokens specifically with the client they were initially issued to. This approach mitigates risks associated with bearer tokens, preventing unauthorized or unintended use by other entities.
- Mutual TLS (mTLS): FAPI mandates the use of mutual TLS certificates for client and server authentication. This ensures secure and verified communication, and protects against unauthorized access and man-in-the-middle attacks.
Why This Matters for PortX Customers
Security, compliance, and interoperability are paramount in today’s increasingly digital and regulated financial landscape. PortX’s FAPI certification ensures our platform meets stringent security standards specifically designed for the financial industry. Here’s what this certification means for our customers:
Strengthened Security
With features like Strong Customer Authentication (SCA), signed request objects, token binding, and mutual TLS (mTLS), PortX IAM provides robust protection against threats like identity fraud, unauthorized access, and token misuse. This ensures financial institutions can securely manage and exchange sensitive customer data without compromise.
Simplified Compliance
PortX simplifies compliance with emerging financial regulations and standards, especially relevant in the evolving U.S. regulatory landscape. Our certified platform enables institutions to adapt quickly and easily to new security requirements and regulatory frameworks, significantly reducing complexity and administrative overhead.
Seamless Interoperability
FAPI certification guarantees interoperability with financial ecosystems globally. It facilitates frictionless integrations across multiple financial platforms, payment gateways, and third-party applications. This dramatically reduces integration costs, accelerates deployment timelines, and enables rapid scaling.
Want to Learn More?
Visit our product pages for more information about what makes PortX products financial grade. Send us a message to schedule a personalized demo or learn more about how PortX can transform your financial institution.
About the OpenID Foundation
The OpenID Foundation’s vision is to help people assert their identity wherever they choose. And our mission is to lead the global community in creating identity standards that are secure, interoperable, and privacy-preserving.
Founded in 2007, the OpenID Foundation (OIDF) is a non-profit open standards body developing identity and security specifications that serve billions of consumers across millions of applications.
Learn more at openid.net
