CUSTOMER SUCCESS STORY

Cloudentity Helps Tribanco Accelerate Open Banking with Service Identity, Financial-Grade API and Fine-Grained Consent

OVERVIEW

 

CUSTOMER
Tribanco


INDUSTRY
Financial Services


REQUIREMENTS

  • Accelerate the speed and efficiency of onboarding new partners
  • Securely push data to partners; consolidate backend as a single point of contact for 3rd parties
  • Guarantee data residency and offer user security and data privacy measures

SOLUTION

  • Migrated channels to API-first initiative to support the certified Open Banking OAuth FAPI and Consent workspace
  • Deployed Cloudentity Authorization Fabric with Axway API Gateway

RESULTS

  • Accelerated deployment of Open Banking compliant APIs
  • Rapidly onboarded 1 million users and 70 partners—in 3 months
  • Earned users trust and enhanced partner and customer experience
  • Simplified the integration of fine-grained consent and OAuth FAPI standards within their cloud platform

“Cloudentity’s ACP is fantastic, the UI is easy to use and operate, and the APIs are rich and easily integrated into our DevSecOps pipeline”

Open Banking Product Manager,
Tribanco

COMPANY OVERVIEW

Tribanco, a subsidiary of Grupo Martins, provides a wide range of financial services to small shop owners and suppliers of Grupo Martins, the largest wholesaler distributor in Latin America.

The company maintains a credit portfolio composition of small retail shops, suppliers, and consumer lending organizations. Tribanco operates under the full supervision of the Brazilian Central Bank.

Like many other institutions in the world, Tribanco set out to adopt Open Banking for three major business initiatives:

  • Rapidly bring financial services to the unbanked
  • Meet expanding regulations
  • Offer embedded finance to partners, customers, and ecosystems

THE CHALLENGE

Tribanco needed to accelerate its initiative to deploy the Open Banking Standard, which is a collaborative effort of the financial industry to ensure that application programming interfaces (APIs) and digital customer experiences become an engine for innovation within financial services. This initiative required a common reference architecture that could be used by financial services partners to provide customer access through digital channels.

Customer Requirements:

  • Accelerate the speed and efficiency of onboarding new partners
  • Securely push data to partners and consolidate a common backend as a single point of contact for third parties
  • Guarantee data residency and offer user security and privacy measures, since sensitive financial and comparative panel file (CPF) data is involved in transactions

THE SOLUTION

With a tight deadline, Tribanco chose to move their digital channels to an API-first initiative. The solution enabled them to rapidly create new secure APIs and applications for their clients.

Solution Highlights:

  • The Cloudentity certified Open Banking OAuth FAPI and Consent workspace enabled the company to simplify API development by externalizing Open Banking requirement for consent, security, authorization and reporting
  • The Axway API Gateway equipped Tribanco with business activity monitoring, analytics, mobile application development and web API management capabilities

THE RESULTS

Cloudentity empowered Tribanco to deliver its financial products and services more cost effectively and in less time while streamlining their customer and partner experience. The customer was able to rapidly transition their customer experiences into Open Banking compliant flows with the highest levels of security using Cloudentity's fine-grained authorization and consent management.

Customer Benefits:

  • Accelerated deployment of Open Banking compliant APIs, and quickly moved from concept to production
  • Onboarded—in 3 months--over 1 million users and 70 partners, with fine-grained consent to earn users trust and enhance customer experience
  • Simplified the integration of fine-grained consent and OAuth FAPI standards within their cloud platform
  • Increased productivity, reduced costs, and accelerated innovation