Regions Bank has chosen data integration company Axway’s Amplify Open Banking solution to provide future open banking capabilities for its consumer banking, corporate banking, and wealth management clients.
With customer approval, open banking enables secure sharing of clients’ financial data between financial institutions and third-party service providers of their choice. This enables customers to share their data for various purposes, such as financial management and budgeting.
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Currently, Regions Bank customers can grant third-party platforms access to their financial data through a credential-based method known as “screen scraping.”
In future, Region Bank’s digital banking capabilities will be enhanced by an API solution provided by Amplify Open Banking that promises increased security and a more streamlined user experience.
Regions’ Consumer Banking and Wealth Management clients will continue to have the option to share their financial data with third parties if they choose.
However, instead of third-party platforms storing banking credentials for repeated use, Regions will authorise consent to share account information only after each transaction is approved by the client.
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By GlobalDataThis new approach eliminates the need for third-party platforms to store banking credentials on their own systems.
A more secure connection will be established between the customer’s authorised Regions Bank account and the third-party platform of their choice.
Regions will track third-party activity and give customers the ability to review and, if necessary, deactivate data sharing from their Regions account at any time.
Regions Bank emerging and digital payments group manager Tim Mills said: “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.”
Meanwhile, corporate banking clients can use Amplify’s Marketplace feature to securely link their Regions financial data via an API, ensuring a seamless integration.
When Amplify launches in the coming years, customers will receive a one-time prompt from the third-party platforms they currently use, requesting them to re-enter their account information.
Amplify Open Banking offers APIs built to the standards of the Financial Data Exchange (FDX), a nonprofit focused on promoting its common, interoperable, and royalty-free FDX API for financial data sharing.
Regions joined FDX in 2021.
The solution also provides access to an advanced developer marketplace, designed to facilitate seamless collaboration between financial institutions to integrate APIs for customer use.
Additionally, Amplify includes integrated consent management, enabling customers to opt in and authorise the collection, use, and sharing of their financial data, with the option to unsubscribe at any time.
