Protocol translation and handling for Source of Funds
Identity and authentication protocols could be a stumbling block for many Sources of Funds transactions. However, their implementation, especially of secure financial protocols such as OIDC, FAFI, and CIBA MODRNA, can be challenging for service providers. Interoperability across systems and between services is complicated by non-standard or otherwise non-interoperable protocols. Avoco Trust provides automated and orchestrated Source of Funds that handles secure financial protocols, so you don’t have to.
Source of Funds protocol challenges
Designing a Source of Funds service that relies on secure, usable, and verifiable identity is challenging. There are many complicating factors involved in creating a successful service that resonates with customers, secures their data, and automates KYC, AML, and Source of Funds checks. Identity and authentication protocols can help address many of these design challenges. The identity sector, alongside industry bodies such as FIDO, Kantara, and OpenID , has developed identity and authentication protocols that enable secure and usable identity-based services. However, implementing and supporting these protocols can be a challenge for a service provider.
What are the challenges of protocol translation?
In addition to handling protocols, protocols often need to be translated between the service’s components. Legacy components, varying protocol types, and so on all add up to a complex mesh of protocol-handling needs. Experts are required to implement any protocol, translation, or complex protocol requirements. An orchestration and decisioning engine, as used by Avoco Trust, translates protocol mismatches and supports the use of secure financial protocols, ensuring seamless, end-to-end transactions and removing blockers to the service’s smooth operation.
Orchestration and decisioning for Source of Funds protocols
Source of Funds services often have many moving parts. SoF services may wish to take advantage of offerings from open banking to verification vendors. Services may also wish to offer their customers the option to connect and transact using multiple channels. Orchestration and decisioning address all challenges of protocol translation and handling on behalf of services within the ecosystem. Avoco Trust is deployed as a hosted service or integrated with your own platform to handle complex implementations of secure protocols, such as OIDC FAFI, which is done on behalf of the service by the identity orchestration.
By handling protocol overhead on behalf of the Source of Funds service, orchestration and decisioning enable secure, seamless interoperability and expand the system’s use-case availability.
For further details on how orchestration and decisioning can extend your platform’s capabilities, or to use them as a dedicated, automated Source of Funds service, contact Avoco’s experts.