Enhancing Customer Control of Financial Data: Regions Bank Selects Axway to Accelerate Open Banking Services
Through Amplify Open Banking from Axway, Regions is further enhancing data privacy and providing increased security to the flow of customer data.
Regions Bank on Monday announced it has selected Axway, a data integration company, and its Amplify Open Banking solution, to deliver future open banking capabilities for Regions' Consumer Banking, Corporate Banking and Wealth Management customers.
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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 $157 billion in assets, is a member of the S&P 500 Index and is one of the nation's largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,250 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.
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
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