Using an optimal credential or authentication system is vital to ensure the security of an application programming interface. OAuth 2.0 has become the basic security protocol for mobile APIs development and for providing credentials to launch native applications. The basic HTTP access authentication method does not guarantee the same level of security.

In recent years, the United Kingdom has become one of the strongest supporters of open banking worldwide. It all started when HM Treasury decided to create a working group on this matter in 2015; then, one and half years ago, an entity was created to handle the transition; and, in January 13, 2018 standards were implemented and the UK is now at the forefront of open banking.

The new Revised Directive on Payment Services (PSD2), issued by the European Banking Authority to deregulate the financial sector, has sparked a genuine revolution in the processes of managing digital identity –and in its protection.

Musoni, PayKey, Alegra, Kobra, Precognitive and Cambridge Blockchain are the winning startups in BBVA Open Talent 2016. Their fintech projects set out to transform the financial ecosystem in different areas such as authentication, blockchain, financial inclusion and the fight against fraud.

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