Enhancing Customer Control of Financial Data: Regions Bank Selects Axway to Accelerate Open Banking Services
Regions Bank has selected Axway's Amplify Open Banking solution to enhance its open banking capabilities across Consumer Banking, Corporate Banking, and Wealth Management services. The new implementation will replace the current 'screen scraping' method with a more secure API-based solution that gives customers greater control over their financial data sharing.
The enhanced system will require customer consent for individual transactions, eliminating the need for third-party platforms to store banking credentials. Customers will be able to monitor and deactivate data sharing permissions at any time. Corporate Banking clients will benefit from Amplify's Marketplace feature for secure API connections.
The solution includes APIs built to Financial Data Exchange (FDX) standards, an enhanced developer marketplace, and integrated consent management. The implementation is expected to launch in the coming years, with Regions Bank planning to provide educational materials through their online banking platforms to guide customers through the transition.
Regions Bank ha selezionato la soluzione Amplify Open Banking di Axway per migliorare le sue capacità di open banking nei servizi di Banking per Privati, Corporate Banking e Wealth Management. La nuova implementazione sostituirà l'attuale metodo di 'screen scraping' con una soluzione basata su API più sicura che offre ai clienti un maggiore controllo sulla condivisione dei loro dati finanziari.
Il sistema migliorato richiederà il consenso del cliente per transazioni singole, eliminando la necessità per le piattaforme di terze parti di memorizzare le credenziali bancarie. I clienti potranno monitorare e disattivare i permessi di condivisione dei dati in qualsiasi momento. I clienti di Corporate Banking beneficeranno della funzionalità Marketplace di Amplify per connessioni API sicure.
La soluzione include API costruite secondo gli standard del Financial Data Exchange (FDX), un marketplace per sviluppatori potenziato e gestione del consenso integrata. L'implementazione dovrebbe avvenire nei prossimi anni, con Regions Bank che pianifica di fornire materiali educativi attraverso le proprie piattaforme di online banking per guidare i clienti durante la transizione.
Regions Bank ha seleccionado la solución Amplify Open Banking de Axway para mejorar sus capacidades de open banking en los servicios de Banca de Consumo, Banca Corporativa y Gestión de Patrimonios. La nueva implementación reemplazará el actual método de 'screen scraping' con una solución basada en API más segura que otorga a los clientes un mayor control sobre el intercambio de sus datos financieros.
El sistema mejorado requerirá el consentimiento del cliente para transacciones individuales, eliminando la necesidad de que plataformas de terceros almacenen credenciales bancarias. Los clientes podrán monitorear y desactivar los permisos de intercambio de datos en cualquier momento. Los clientes de Banca Corporativa se beneficiarán de la función Marketplace de Amplify para conexiones API seguras.
La solución incluye APIs desarrolladas según los estándares de Financial Data Exchange (FDX), un marketplace de desarrolladores mejorado y gestión de consentimientos integrada. Se espera que la implementación se lance en los próximos años, con Regions Bank planeando proporcionar materiales educativos a través de sus plataformas de banca en línea para guiar a los clientes durante la transición.
Regions Bank는 Axway의 Amplify Open Banking 솔루션을 선택하여 소비자 뱅킹, 기업 뱅킹 및 자산 관리 서비스 전반에 걸쳐 오픈 뱅킹 기능을 향상시킬 예정입니다. 새로운 구현은 현재의 '스크린 스크래핑' 방식을 보다 안전한 API 기반 솔루션으로 대체하여 고객이 자신의 재무 데이터 공유를 보다 잘 통제할 수 있도록 합니다.
향상된 시스템은 개별 거래에 대한 고객 동의를 요구하여 제3자 플랫폼이 은행 인증 정보를 저장할 필요성을 없앱니다. 고객은 언제든지 데이터 공유 권한을 모니터링하고 비활성화할 수 있습니다. 기업 뱅킹 고객은 안전한 API 연결을 위한 Amplify의 마켓플레이스 기능을 이용할 수 있습니다.
이 솔루션은 Financial Data Exchange (FDX) 표준에 따라 구축된 API, 향상된 개발자 마켓플레이스 및 통합된 동의 관리 기능을 포함합니다. 이 구현은 향후 몇 년 안에 출시될 예정이며, Regions Bank는 고객이 전환을 안내하기 위해 온라인 뱅킹 플랫폼을 통해 교육 자료를 제공할 계획입니다.
Regions Bank a sélectionné la solution Amplify Open Banking d'Axway pour améliorer ses capacités de open banking dans les services de banque de détail, de banque d'entreprise et de gestion de patrimoine. La nouvelle mise en œuvre remplacera la méthode actuelle de 'screen scraping' par une solution basée sur des API plus sécurisée, donnant aux clients un meilleur contrôle sur le partage de leurs données financières.
Le système amélioré exigera le consentement des clients pour chaque transaction, éliminant ainsi le besoin pour les plateformes tierces de stocker les informations d'identification bancaire. Les clients pourront surveiller et désactiver à tout moment les autorisations de partage de données. Les clients de la banque d'entreprise bénéficieront de la fonctionnalité Marketplace d'Amplify pour des connexions API sécurisées.
La solution comprend des API conformes aux normes du Financial Data Exchange (FDX), un marketplace pour développeurs amélioré et une gestion intégrée des consentements. La mise en œuvre devrait être lancée dans les prochaines années, Regions Bank prévoyant de fournir des supports éducatifs via ses plateformes de banque en ligne pour accompagner les clients dans cette transition.
Regions Bank hat die Lösung Amplify Open Banking von Axway ausgewählt, um die Open Banking-Funktionen in den Bereichen Verbraucherkredite, Firmenkunden und Vermögensverwaltung zu verbessern. Die neue Implementierung wird die derzeitige Methode des 'Screen Scraping' durch eine sicherere API-basierte Lösung ersetzen, die den Kunden mehr Kontrolle über das Teilen ihrer finanziellen Daten gibt.
Das verbesserte System erfordert die Zustimmung der Kunden für einzelne Transaktionen, sodass es nicht mehr notwendig ist, dass Dritte Bankdaten speichern. Kunden können ihre Datenfreigaben jederzeit überwachen und deaktivieren. Firmenkunden profitieren von der Marketplace-Funktion von Amplify für sichere API-Verbindungen.
Die Lösung umfasst APIs, die den Standards des Financial Data Exchange (FDX) entsprechen, einen verbesserten Entwickler-Marktplatz sowie integriertes Consent Management. Die Implementierung wird in den kommenden Jahren erwartet, wobei Regions Bank plante, Informatives über ihre Online-Banking-Plattformen bereitzustellen, um die Kunden während des Übergangs zu unterstützen.
- Implementation of enhanced security measures for customer data protection
- Improved customer control over financial data sharing
- Elimination of credential storage by third-party platforms
- Integration with FDX standards for improved interoperability
- Multi-year implementation timeline before launch
- Customers will need to re-enter account information during transition
Insights
This strategic implementation of Axway's Amplify Open Banking solution represents a significant technological advancement for Regions Bank's data infrastructure. Moving away from screen scraping to API-based authentication marks a important shift in banking security architecture. The implementation of FDX-compliant APIs will establish a more robust security framework while potentially reducing operational costs associated with managing multiple third-party integrations.
The marketplace feature for Corporate Banking clients introduces new revenue stream possibilities through API monetization and enhanced B2B services. This positions Regions to compete more effectively with larger banks in the digital banking space. The integrated consent management system aligns with evolving regulatory requirements while providing a foundation for future fintech partnerships and service expansions.
The transition from credential-based screen scraping to API-based authentication eliminates several critical security vulnerabilities. The new system's architecture, requiring transaction-level consent, significantly reduces the attack surface by eliminating stored credentials on third-party platforms. This modernization addresses key security concerns while maintaining compliance with emerging open banking standards.
The implementation of granular control over data sharing permissions, combined with real-time monitoring capabilities, provides a robust defense against unauthorized access and potential data breaches. This enhancement could potentially reduce fraud-related losses and strengthen Regions' overall security posture in an increasingly complex digital banking landscape.
Through Amplify Open Banking from Axway, Regions is further enhancing data privacy and providing increased security to the flow of customer data.
Regions Bank has selected Axway, a data integration company, and its Amplify Open Banking solution, to deliver future open banking capabilities for Regions’ customers. (Photo: Business Wire)
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 authorize third-party platforms to obtain their financial data through a credential-based process known as “screen scraping.”
In the future, Regions’ digital banking capabilities will be supported by Amplify Open Banking in a new way that further enhances security with an application programming interface (API) solution. The result will be not only greater security but also a simpler, more seamless customer experience. Here’s how it will work:
- Regions’ Consumer Banking and Wealth Management clients will still be able to choose to share financial data with third parties if they wish. Instead of the third-party platform saving the banking credentials to use every time a transaction is made, Regions will authorize consent to share account information only after individual transactions are approved by the client. This new process will remove the need for third-party platforms to save their banking credentials on their own systems.
- A more secure connection will be created between the customer’s permissioned Regions Bank account and the third-party platform the customer chooses. Regions will monitor third-party activity and provide the customer with the means to review and, if needed, deactivate data sharing from their Regions account at any time.
- Separately, Corporate Banking clients can leverage Amplify’s Marketplace feature to connect their Regions financial data seamlessly through a secure API connection.
“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.”
Once Amplify launches in the coming years, customers will receive a one-time prompt from the third-party platforms they use today to reenter information on their accounts. Regions Bank will provide education materials through Regions Online Banking, the Regions Mobile App, and more, to ensure customers know what to expect ahead of the launch.
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. Amplify Open Banking includes:
- APIs built to the standards of the Financial Data Exchange (FDX), a nonprofit committed to defining and promoting the adoption of its common, interoperable and royalty-free FDX API for financial data sharing. Regions joined FDX in 2021.
- Access to an enhanced and modern developer marketplace for API planning and adoption. This innovative marketplace allows financial institutions to work seamlessly to connect APIs together for customer use.
- Integrated consent management, allowing customers to opt-in to approve the collection, use, and sharing of their financial data. Customers can unsubscribe at any time.
“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.”
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with
About Axway
Axway is an independent technology provider that sustainably grows enduring value for our customers based on a history of trust, security, and stability that goes back nearly 25 years. Our extensive portfolio, which encompasses Managed File Transfer, B2B Integration, Financial Accounting Hub, and comprehensive API management through Amplify, empowers organizations to seamlessly integrate their internal and external ecosystems and succeed in a shifting digital business landscape. Learn more at axway.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20250106581587/en/
Jennifer Elmore
Regions Bank
Regions News Online: regions.doingmoretoday.com
Regions Media Line: (205) 264-4551
Source: Regions Financial Corporation
FAQ
How will Regions Bank's new Axway partnership improve customer data security?
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What changes will Regions Bank (RF) customers need to make for the new open banking system?
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