Regions Bank selects Axway to fuel Open Banking Services

By Gloria Mathias

Regions Bank has selected Axway, a data integration company, and its Amplify Open Banking solution to deliver future open banking capabilities for Regions’ Consumer Banking, corporate banking, and management customers.

With customer consent, open banking allows clients’ financial data to be shared securely between financial institutions and third-party service providers of their choice. This, in turn, enables customers to share their financial data to support a variety of needs, including financial management and budgeting activities. Currently, Regions Bank customers can authorise third-party platforms to obtain their financial data through a credential-based process known as “screen scraping.”

In the future, Amplify Open Banking will support regions’ digital banking capabilities in a new way that further enhances security with an application programming interface (API) solution. This will result in greater security and a more straightforward, seamless customer experience.

“At Regions, our focus is on serving customers when and where they want,” said Tim Mills, emerging and digital payments group manager at Regions Bank. “As customers continue to grant access to their financial data to third-party applications, this new solution will help capture customer consent, remove the need for credential sharing to third parties, and provide another layer of security to protect customer data. Open banking is the future, and we are pleased to work with Axway to make banking easy for customers who turn to Regions time and again for their banking needs.”

Amplify Open Banking is built on Axway’s vision to achieve digital transformation faster by securely opening data and processes. Financial ecosystems can connect via APIs to support several third-party applications.

“We are excited to extend our work with Regions to help provide secure, standardised access to data,” said Tom Hogan, Vice President for Financial Services and Open Banking at Axway. “This allows their customers to benefit more from the expanding ecosystem of next-generation fintechs and third-party data providers.”