What is identity orchestration and decisioning?

The notion of the identity ecosystem is not new. However, the alignment of data, APIs, and modern protocols has created a perfect environment for that identity ecosystem to thrive

Users of online services demand a simple, secure, and low-friction experience. They don’t want to go through a complicated onboarding process, which results in them managing multiple digital identities, with personal data sprawl causing security and privacy issues. At the same time, services must establish trusted relationships at a level where they are confident to transact. Squaring an excellent customer experience with the security of a service is achieved through a layer within an identity ecosystem that orchestrates data and identities and can make decisions based on ecosystem needs. This is known as an identity orchestration and decisioning engine (ODE). 

How an identity and data orchestration layer works

API modules provide the framework for developing services and applications with customer identity and personal data. A framework to configure and deploy these services, with the right level of security and privacy, should be a fundamental part of the solution that employs an identity orchestration layer. Typical features inherent in a comprehensive identity orchestration and decisioning engine include the following:

• Protocol translation, covering all standard authentication and authorization protocols.
• Integration with data sources such as open banking and government open data.
• Integration with services for the verification of personal data.
• Normalize data on behalf of ecosystem stakeholders.
• Rules that determine the system’s correct behavior, including security and privacy.
• Facilitation of the delivery of delightful customer experiences
• Ability to easily onboard and connect commercial and government services, the customer, and data vendors together into a fully functioning ecosystem.
• An identity orchestration and decisioning engine should also serve as a conduit, rather than a data store, to enhance privacy and security.

Source of Funds using identity orchestration and decisioning

Source of Funds checks are not tick box exercises. To meet regulations, while creating a great customer experience, you need choice and appropriate checks that reflect the transaction. Orchestration needs to be paired with decisioning to create Source of Funds checks that meet these two criteria:

Orchestration provides the connectivity to identity verification, AML checks, open banking, PEP databases, and so on, to identify the funding source(s), check affordability and wealth, as well as perform AML checks.

Decisioning enforces rules to ensure that the level of checks accurately reflects the transaction. This reduces the chances of fraud while ensuring a good user experience. Decisioning can also modify the rules for the Source of Funds checks, as required. For example, if Source of Funds checks return with a query, additional checks may be triggered.

What is Avoco ODE?

Avoco ODE is a series of APIs that integrate various data sources and verification services. Avoco ODE also handles protocol support and robust authentication to ensure trust is baked into the identity ecosystem. Avoco ODE is a low-code data orchestration engine that turns online transactions into the kind of customer experience that builds business value, protects data, and simplifies identity-related transactions.

Avoco ODE connects people, data, and services.

Talk to Avoco about how identity orchestration and decisioning can help your organization to add a robust and compliant source of funds to your platform.