By Jasen Meece, CEO of Cloudentity
A recent report revealed that Open Banking market generated $7.29 billion in 2018 and is expected to reach $43.15 billion by 2026 due to the thriving API economy. This growing adoption of Open Banking apps and services in the financial services sector is fueled by new government regulation such as the Financial Data Exchange, along with consumer demand for easy-to-use mobile banking platforms. However, lack of awareness regarding Open Banking, data security and management of security threats can potentially hinder the market’s acceleration.
On April 6-8, join us for Oktane21, Okta’s leading annual conference where Cloudentity will be sponsoring and exhibiting in the Partner Pavilion to share more information about its recently announced Open Banking partnership with the leader in identity and access management (IAM). At the virtual event, our team will be available to answer questions and chat directly during the free periods between keynotes and breakout sessions.
Cloudentity and Okta have partnered to provide AI-driven dynamic authorization and identity governance to help customers deliver secure Open Banking services and support the growing market. Powered by Cloudentity’s Dynamic Authorization, automated governance and machine learning technology, combined with Okta’s Consumer Identity and Access Management (CIAM) platform, the integrated solution automates onboarding APIs and cloud services on Okta’s ecosystem. Then, APIs and services are protected with dynamic access control policies that are pre-configured to meet the specific needs of the finance and healthcare industries.
This solution from Cloudentity and Okta is available in the Dynamic Authorization Open Banking Sandbox, a proven model that offers reference architecture for enterprises deploying API-driven services. The Sandbox enables enterprises to utilize dynamic data-sharing and consent agreements across organizations in real-time and manage consent, authorization and data lineage. Dynamic Authorization not only solves the security challenges of Open Banking, but also assesses the context of each data transaction for better protection and usability, strengthening security and providing a customer experience for all.
You can register for Oktane21 to visit Cloudentity’s virtual booth here: https://www.oktane21.com