Open Banking Archives – Cloudentity

New Zealand Open Banking and CDR

Published February 24, 2023

Open Banking

A New Zealand Open Banking framework is expected to be established by the country's government by 2024. The framework will likely be modeled on Australia’s Consumer Data Right (CDR) standards, which allows consumers to give consent to share their data with other providers. According to Reuters, New Zealand's Minister of Commerce said in November 2022,...

Why Small Banks and Credit Unions Should Embrace Open Banking

Published February 14, 2023

Open Banking

As CEO of a small security software startup, I am acutely aware of the fact that it’s difficult to compete with massive incumbent businesses. Recently, I read an article published by Bloomberg Law entitled Small Banks Urge CFPB to Phase in Open Banking Tech Requirements, that brought into focus just how similar other industries are to...

Cloudentity adds Brazil Open Insurance (OPIN) to its list of certified OIDF FAPI profiles

Published February 10, 2023

Open Banking

Brazil has fast-tracked innovation in the insurance industry by operationalizing and standardizing the sharing of consumer data and services that are authorized/accredited by the SUSEP governing body in a safe, secure, and privacy compliant manner. To further support the Brazilian market, and to drive rapid adoption of the Open Insurance specification, Cloudentity has recently...

Open Banking implementation: How to chart the right course

Published January 26, 2023

Open Banking

The Open Banking landscape in North America is primed to take a large step forward in early 2023 in response to anticipated national financial regulations in Canada. Additionally, in October 2022, the US Consumer Financial Protection Bureau (CFPB) announced its intent to introduce similar measures aimed at ensuring personal financial data rights for Americans....

Symcor launches Open Banking suite of services, supported by Cloudentity

Published December 16, 2022

Open Banking

Cloudentity is excited to announce its involvement with Symcor, a leading Canadian business solutions provider that enables secure data exchanges. Symcor has launched COR.CONNECT, a new suite of Open Banking services which enables Canadian financial institutions, credit unions, aggregators and fintechs to exchange data safely and efficiently. Cloudentity provides an extremely flexible and scalable authorization...

Data privacy in Open Banking

Published May 19, 2022

Customer Experience Open Banking

Data privacy and consent are the quintessential components of customer experience when engaging with a business and yet consumer Personally Identifiable Information (PII) is rarely treated in accordance with established privacy regulations. Consumer data is critical to businesses for understanding how consumers behave, identifying the ways the business can improve and for offering new services...

See you at Open Banking World Congress 2022

Published May 13, 2022

Open Banking

Adoption of Open Banking standards and practices has seen worldwide growth over the last year, with implementation of Open Banking Brazil regulations a key example. Cloudentity is powering authorization and consent for 40% of Brazilian banks that are Open Banking certified in the country, and we're active in the UK, EU, Australian and APAC regions...

Consumer Data Right further supported with new Australia SaaS region

Published May 12, 2022

Legislation Open Banking

In order to better support our clients in Australia and APAC, Cloudentity has launched a new Australia SaaS region. This server region joins our US and EU regions to help our global and Australian clients quickly adhere to Consumer Data Right (CDR) regulations. CDR includes scale requirements that allow for sharing data at lower latency...

eCBSV: new consent-based SSN verification service

Published May 6, 2022

API Security Cloud Security Legislation Open Banking

Following worldwide trends of governments providing new and better identity and privacy services to consumers and banks, the Social Security Administration (SSA) is implementing a new fee-based Social Security number (SSN) verification service known as Electronic Consent Based Social Security Number Verification (eCBSV). This service follows worldwide privacy directives aligned with Open Banking, requiring data...

Looking Back at 2021: Cloudentity Innovations Made in Open Banking

Published February 4, 2022

General 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...

Open Banking

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