Axway and Cloudentity team up to fuel open banking acceleration in North America
Axway’s Open Banking solution with Cloudentity is the first to market with an authorization server that supports the latest FDX API 5.0, offering financial-grade consumer data security
May 12, 2022 – Axway, an API management leader, and Cloudentity, a leading provider of modern application identity and authorization, are proud to offer the first production release to support FDX 5.0 APIs.
Financial Data Exchange (FDX) is dedicated to unifying the financial sector around a common data standard. The latest FDX API 5.0 significantly expands the standardization of data sharing, notably through financial grade security and consent management, support for “two-way” data sharing, and global interoperability.
Building on the success of Axway Open Banking in Brazil, Axway and Cloudentity are now poised to support growing demand from the U.S and Canadian open banking market.
“Our vision is to ‘Open Everything,’ and an essential part of that work is speaking a common language,” says Rahim Bhatia, EVP of Product Management at Axway. “Support for the FDX API 5.0 means Axway Open Banking helps our customers securely extend their reach to new markets and capitalize on embedded finance.”
More than 28 million consumer accounts are already using the FDX API for financial data sharing, with North American banks increasingly coming under pressure to open up their customer data via secure APIs. There’s also added urgency after Canada’s directive to end the risky practice of screen scraping by January 2023, and a U.S. executive order urging the CFPB to effectively drive open banking adoption.
“Our financial ecosystem is built entirely on trust, security and privacy. Out of the box support for FDX and open banking regulatory compliance ensures that companies can accelerate delivery of next-generation financial services,” says Nathanael Coffing, (Chief Strategy Officer) at Cloudentity. “Cloudentity’s dynamic, fine-grained authorization and governance platform facilitates secure and confidential data exchanges via the FDX API 5.0, freeing banks and fintechs to build beautiful digital experiences for their customers.”