Axway partners with Cloudentity for Open Banking in North America

Tuesday 17 May 2022 11:46 CET | News

API management provider Axway and modern application identity and authorisation provider Cloudentity have partnered to provide the first production release to support FDX 5.0 APIs, according to Crowdfund Insider.

Financial Data Exchange (FDX) is committed to unifying the financial sector around ‘a common data standard’. The latest FDX API 5.0 significantly ‘expands the standardisation of data sharing, notably through financial grade security and consent management, support for ‘two-way’ data sharing, and global interoperability’.

Building on the success of Axway Open Banking in Brazil, Axway and Cloudentity ‘are now poised to support growing demand from the US and Canadian Open Banking market’.

Over 28 million consumer accounts are already ‘using the FDX API for financial data sharing, with North American banks increasingly coming under pressure to open up their customer data via secure APIs’. There’s also added urgency after Canada’s directive ‘to end the risky practice of screen scraping by January 2023, and a US executive order urging the CFPB to effectively drive Open Banking adoption’.

84% of consumers (globally) agree that they should ‘have control of their financial data, and banks should not prevent the movement of money between other financial services’, according to Crowdfund Insider. These are the principles that are the ‘basic tenets of Open Banking’, according to an update shared with CI. This is according to a global consumer survey carried out by API Management service Axway which found that when it comes to Open Banking:

  • Brazilians (79%) are most wholeheartedly embracing Open Banking
  • US Americans are more split, with only slightly more feeling it’s a positive development (51%) and the rest worried about security and data privacy.
  • 60% of French respondents see Open Banking as a negative development, followed by 57% of Germans and 54% of British.

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Keywords: partnership, Open Banking, data sharing, financial data
Categories: Banking & Fintech
Companies: Axway, Cloudentity
Countries: Canada, North America, United States
This article is part of category

Banking & Fintech




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