Cloudentity & Okta partner to deliver zero trust dynamic authorization for Open Banking

By Pavithra R

Cloudentity, a cloud-based provider of dynamic fine-grained authorization and governance solutions, has announced partnering with Okta, the leading provider of identity for the enterprises and Consumer Identity and Access Management (CIAM) to deliver zero trust dynamic authorization for open banking services.

Open Banking enables customers, partners and employees to access applications, data and services regardless of their location, device or network. The Open Banking market is expected to grow to $43.15 bn by 2026, as it is rapidly becoming the security cornerstone for enterprises adopting cloud and building the next generation of business, partner and consumer services. Cloudentity delivers on Open Banking with dynamic authorization and security and privacy guardrails that reduce development costs by up to 85%.

“Zero Trust Dynamic Authorization is a critical component in the move to an API economy. It enables financial services companies to solve complex challenges with Open Banking APIs while also managing fine-grained consent to protect users’ privacy and sensitive data,” said Nathanael Coffing, cofounder of Cloudentity.

Powered by Cloudentity’s Dynamic Authorization, automated governance and ML technology, and combined with Okta’s CIAM platform, the integrated solution automates the onboarding of APIs and cloud services into Okta’s CIAM ecosystem. The APIs and services are protected with dynamic access control policies that are preconfigured to the needs of heavily regulated industries such as finance and healthcare.

The integrated solution from Cloudentity and Okta is available in the Dynamic Authorization Open Banking Sandbox. The Sandbox allows enterprises to add Open Banking and Payments Services Directive 2 (PSD2) support via Cloudentity’s fine-grained Dynamic Authorization and Okta’s identity platform.