Regions Bank partners with Axway to improve Open Banking capabilities

This initiative aims to deliver improved Open Banking features for the bank's Consumer Banking, Corporate Banking, and Wealth Management clients. Open Banking enables customers to share their financial data securely with authorised third-party providers. With customer consent, this process supports various financial management activities, such as budgeting and personal finance tracking. Currently, Regions Bank relies on credential-based methods, including screen scraping, to facilitate third-party data access. 

Regions Bank plans to transition to an API-based solution through Axway's Amplify Open Banking. This approach aims to improve security while simplifying the process of sharing financial data with third-party platforms. Main aspects of the new system include: 

• Consumer banking and wealth management clients: Customers will retain control over data sharing, granting consent for specific transactions instead of providing continuous access through stored credentials. Regions Bank will monitor third-party activity and allow customers to manage or deactivate data-sharing permissions as needed. 
• Corporate banking clients: Businesses will gain access to Amplify’s Marketplace feature, enabling secure API connections to integrate financial data seamlessly. 

In the company press release, officials from Regions Bank highlighted the benefits of the transition by explaining that the solution allows them to strengthen security, eliminate credential sharing, and streamline the data-sharing process, aligning with the evolving needs of their customers. 

Upon full implementation in the coming years, customers using third-party platforms will receive one-time prompts to re-enter their account information. Regions Bank plans to provide educational resources through its online banking platforms to ensure a smooth transition.

Axway’s Amplify Open Banking platform

Amplify Open Banking leverages APIs that align with the Financial Data Exchange (FDX) standards, a framework designed to promote secure, interoperable financial data sharing. Regions Bank became an FDX member in 2021. 

Features of the Amplify platform include developer tools to facilitate API integration for financial institutions, as well as integrated consent management, allowing customers to approve or revoke data-sharing agreements.