Cloudentity has announced its partnership with Axway to deliver Zero Trust authorization for Open Banking services.
Open Banking is driven by broader digital transformation, but accelerates the modernization of applications to manage customer access and consent to share their financial data, as well as the need to dynamically share that data within business and partner ecosystems. Cloudentity delivers on the promise of secure open banking with dynamic authorization, including security and privacy guardrails that reduce development costs for building consent flows by up to 85%.
Powered by Cloudentity’s dynamic authorization automated governance and machine learning technology, the integrated solution automates the onboarding and protection of APIs and cloud services on the Amplify platform.
With this partnership, APIs and services are protected with fine-grained progressive consent and pre-built open banking consent flows, providing pre-configured dynamic access control policies to meet the specific needs of open banking standards around the world, including the Payment Services Directive (PSD2), UK Open Banking (OBIE), Consumer Data Standards (CDR), and the Financial Data Exchange (FDX).
The Cloudentity Authorization Control Plane is a hybrid-cloud API Dynamic Authorization Solution that delivers policy automation and governance for Zero Trust exchanges between applications, users, services and data. This facilitates secure and confidential data exchange for high-value transactions.
“Getting consent right is one of the most challenging aspects of creating a comprehensive open banking solution,” said Vince Padua, Chief Technology and Innovation Officer at Axway. “By partnering with Cloudentity and leveraging their FAPI-compliant authorization control plane, we can hide the complexity of consent and identity in our Amplify platform. This lets our customers use the consent provider of their choice and focus on building great open banking APIs.”
“Zero Trust dynamic authorization is a critical component of the growing API economy and enables financial services companies to solve complex challenges while also protecting users’ privacy and sensitive data,” said Nathanael Coffing, Cofounder of Cloudentity.
