Authorities
This section covers Authorities in Raidiam Connect. They are part the platform configuration available in Reference Data.
More information on Reference Data can be found here.
Role and Responsibilities
- Authorities may either be the ecosystem's administrative organization itself or may represent the roles and information issued by an external authority within the Connect platform.
Association with Countries
- Each Authority is typically associated with a single country. However, the same Authority can be represented multiple times across national boundaries as required.
Linkage to Authorisation Domains
- Authorities are linked to one or more Authorisation Domains. This linkage enables them to assign roles to participants, deriving from the Authority’s power to grant and manage these roles.
- It is common for multiple Authorities to be associated with the same Authorisation Domain. This is necessary when participants require authorization from multiple sources to perform certain functions.
Example Scenario
- A Payment Initiation Service Provider (PISP) in the UK might be authorized for the 'Open Banking' Authorisation Domain and 'PISP' Authorisation Domain Role by the 'UK FCA' (Financial Conduct Authority).
- Simultaneously, they could also be authorized in the same Domain but for a different role, like 'Confirmation of Payee (COP)', by another Authority such as 'UK Pay.UK'.
Ecosystem Administration
- This system allows global administrators to accurately reflect authorization information. Participants within the ecosystem thus have access to details about the authorizing institution for a given Authorisation Domain and Role.
Authority | Country | Description |
FCA | UK | The UK Financial Conduct Authority |
Royal Bank of Raidiam | UK | The Royal Bank of Raidiam UK |
PRA | UK | The UK Prudential Regulatory Authority |
Open Banking Initial Structure | Brasil | The Open Banking Initial Structure in Brazil |
Central Bank of Brazil | Brasil | The Brazil Central Bank |