US-based Regions Bank has chosen data integration company Axway’s Open Banking solution ‘Amplify’, to offer customers enhanced data privacy and security.
By adopting the Axway solution, Regions Bank’s consumer banking, corporate banking and wealth management customers will no longer have to rely on screen-scraping, which is a “credential-based process”.
Following the integration of Amplify Open Banking, Regions’ consumer banking and wealth management clients will still be able to choose to share financial data with third parties.
However, rather than the third-party platform saving the banking credentials to use every time a transaction is made, Regions will authorise consent to share account information only after individual transactions are approved by the client.
The new integration will also create a more secure connection between the customer’s permissioned Regions Bank account and the third-party platform they choose.
Regions confirmed it will monitor third-party activity and provide customers with the ability to review and deactivate data sharing from their account at any time.
Meanwhile, corporate banking clients will be able to use ‘Amplify’s’ marketplace feature to connect their Regions financial data through a secure API connection.
Tim Mills, emerging and digital payments group manager at Regions Bank, called Open Banking “the future”.
“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,” he said.
In the future, Axway’s ‘Amplify’ will enable a one-time prompt to Regions’ customers from the third-party platforms they use to re-enter information on their accounts.
The bank will provide educational materials to customers ahead of the launch of Open Banking capabilities to keep them informed.
“We are excited to extend our work with Regions to help provide secure, standardized 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.”
