Cloudentity, a cloud-based provider of dynamic fine-grained authorization and governance solutions, today announced its partnership with Axway, a leading API integration platform provider, to deliver Zero Trust authorization for Open Banking services.
“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.”
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).
“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.
The integrated solution from Cloudentity and Axway is available in the Dynamic Authorization Open Banking Sandbox, a proven model that offers reference architecture and infrastructure for enterprises deploying API-driven services. The Sandbox allows enterprises to add open banking and Payment Services Directive 2 (PSD2) support quickly and securely to manage consent, authorization and data lineage utilizing dynamic data sharing and consent agreements in real-time, across different organizations.
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.
For more information on the Cloudentity’s Open Banking Dynamic Authorization Sandbox contact: email@example.com.
Axway gives heritage IT infrastructure new life, helping more than 11,000 customers worldwide build on what they already have to digitally transform, add new business capabilities, and drive growth. With our Amplify API integration platform — the only open, independent platform for managing and governing APIs across integration patterns, the hybrid cloud, and 3rd-party solutions — we help companies integrate faster, reach new markets, and create brilliant digital experiences. Our MFT and B2B integration solutions have been trusted for 20 years. Axway (Euronext: AXW.PA) employs over 1,800 people in 18 countries. Learn more at axway.com.
Cloudentity is a provider of dynamic authorization by providing security and privacy guardrails, reducing development time for new initiatives by up to 85%. Our unique approach to intelligent identity-based policy automation and governance with zero-trust between applications, users, developers, and data reduces risks while providing full visibility into authorization rules to simplify compliance. Security and infrastructure teams at Fortune 500 organizations across the world rely on Cloudentity to modernize their applications while keeping them safe from attack. Headquartered in Seattle, Washington, the company is funded by ForgePoint Capital and WestWave Capital. For more information visit Cloudentity.com, on Twitter at @CloudentityTEAM.