Axway Partners with Cloudentity to Support Open Banking Adoption in North America

Axway, an API management provider, and Cloudentity, a provider of modern application identity and authorization, are pleased to provide the first production release to support FDX 5.0 APIs.

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 standardization 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 U.S and Canadian open banking market.”

Rahim Bhatia, EVP of Product Management at Axway, stated:

“Our vision is to ‘Open Everything,’ and an essential part of that work is speaking a common language. Support for the FDX API 5.0 means Axway Open Banking helps our customers securely extend their reach to new markets and capitalize on embedded finance.”

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 U.S. executive order urging the CFPB to effectively drive open banking adoption.”

Nathanael Coffing, (Chief Strategy Officer) at Cloudentity, remarked:

“Our financial ecosystem is built entirely on trust, security and privacy. Out of the box support for FDX and open banking regulatory compliance ensures that companies can accelerate delivery of next-generation financial services. Cloudentity’s dynamic, fine-grained authorization and governance platform facilitates secure and confidential data exchanges via the FDX API 5.0, freeing banks and fintechs to build beautiful digital experiences for their customers.”

As covered in February 2022, 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.”

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
  • U.S. 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 by57% of Germans and 54% of British.
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