Looking Back at 2021: Cloudentity Innovations Made in Open Banking

 

As we kick off 2022, it’s important to take stock of progress made and challenges faced in 2021 for planning and expanding on our achievements. Last year was a monumental year in Open Banking application programming interface (API) security at Cloudentity. With the demand for Open Banking applications increasing today, Cloudentity meets the market’s growing need for fine-grained authorization and consent controls to secure each and every API.

To summarize, our platform achieved an 80-100X performance increase over modern identity and access management (IAM) platforms. From there, Cloudentity added rich fine-grained consent management to our Open Banking solution to give FinTech brands and banks the ability to provide customers with consent controls to protect data privacy and meet and exceed Open Banking compliance standards. Cloudentity also added multiple key certifications to its roster to meet the specific Open Banking standards in the UK and Brazil (OB), as well as the Australian Consumer Data Right (CDR) and the U.S.’ Financial Data Exchange (FDX) on a single platform.

At the same time, Cloudentity developed strategic partnerships with leading API gateway vendors such as Axway, Google Apigee and Amazon Web Services API Gateway. Additionally, Cloudentity’s developer-centric approach proved to be highly successful for the business. We experienced a significant milestone when our first bank customer in Brazil got certified using the Cloudentity platform for Open Banking, which catapulted Cloudentity to win the business of over 15% of Brazil’s Open Banking-certified banks.

With all this great momentum in the Open Banking market, we’re looking forward to more exciting product developments, new partnerships, and continuing to build strong relationships with our Cloudentity customers.

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