Cloudentity partners with Axway to deliver Zero Trust for Open Banking

By Pavithra R

Cloudentity, a cloud-based provider of dynamic fine-grained authorization and governance solutions, has announced partnering with Axway, provider of API integration platform, to deliver Zero Trust authorization for Open Banking services.

Open Banking is driven by broader digital transformation and accelerates the modernization of applications to manage customer access and consent to share financial data, along with the need to dynamically share the data within business and partner ecosystems. Cloudentity provides dynamic authorization governance that delivers Identity policy automation for zero-trust between applications, users, developers, and data. 

“Getting consent right is one of the most challenging aspects of creating a comprehensive open banking solution. By partnering with Cloudentity and leveraging their FAPI-compliant authorization control plane, we can hide the complexity of consent and identity in our Amplify platform. This lets our customers use the consent provider of their choice and focus on building great open banking APIs,” said Vince Padua, Chief Technology and Innovation Officer at Axway.

Under the partnership, the companies deliver an integrated solution, which will be powered by Cloudentity’s dynamic authorization automated governance and ML technology. The solution will automate the onboarding and protection of APIs and cloud services on the Axway Amplify platform. With this collaboration, APIs and services are protected with fine-grained progressive consent and pre-built open banking consent flows, providing pre-configured dynamic access control policies to meet the specific requirements of global open banking standards, including the Payment Services Directive (PSD2), Consumer Data Standards (CDR), UK Open Banking (OBIE), and the Financial Data Exchange (FDX).

“Zero Trust dynamic authorization is a critical component of the growing API economy and enables financial services companies to solve complex challenges while also protecting users’ privacy and sensitive data,” said Nathanael Coffing, Cofounder of Cloudentity.

The Cloudentity Authorization Control Plane is a hybrid cloud API Dynamic Authorization Solution that delivers policy automation and governance for Zero Trust exchanges between applications, services users, and data. This facilitates secure and confidential data exchange for high valued transactions. The integrated solution from Cloudentity and Axway is available in the Dynamic Authorization Open Banking Sandbox.