Regions Bank has announced its partnership with Axway, a leading data integration company, to implement the Amplify Open Banking solution, revolutionizing how financial data is shared securely with third-party platforms. This advancement will enhance customer experiences across Regions’ Consumer Banking, Corporate Banking, and Wealth Management services.
Open banking, which empowers customers to share financial data securely with their chosen third-party providers, currently relies on a credential-based process known as screen scraping. With the integration of Amplify Open Banking, Regions Bank is transitioning to a robust API-based system that prioritizes security and ease of use. This API solution will eliminate the need for third-party platforms to store customers’ banking credentials, creating a safer and more streamlined data-sharing process.
Under the new framework, customers will retain full control over their financial data. For individual transactions, Regions will capture explicit consent, allowing clients to manage permissions easily. Additionally, Regions will monitor third-party activity and provide tools for customers to review or deactivate data sharing at any time, ensuring transparency and security.
Corporate Banking clients will benefit from Amplify’s Marketplace feature, which enables seamless connections to financial data through secure API integrations. This will simplify workflows for businesses and enhance operational efficiency.
Tim Mills, emerging and digital payments group manager at Regions Bank, emphasized the importance of this transformation, stating, “Open banking is the future. By removing credential sharing and adding layers of security, we’re making banking simpler and safer for our customers.”
Amplify Open Banking is built on standards defined by the Financial Data Exchange (FDX), an organization committed to promoting interoperable financial data sharing. Regions Bank joined FDX in 2021 and is leveraging this membership to deliver cutting-edge solutions. The platform also features a modern developer marketplace for seamless API connections and integrated consent management to give customers greater control over their data.
Tom Hogan, vice president for Financial Services and Open Banking at Axway, shared his enthusiasm for the collaboration, noting that Amplify will enable Regions’ customers to fully embrace the evolving ecosystem of next-generation fintechs and data providers.
As the rollout progresses, Regions Bank will provide educational resources through its online and mobile platforms, ensuring customers are well-prepared for this significant upgrade. The transition will involve a one-time prompt for customers to reauthorize their accounts, ensuring a smooth shift to the new system.
This partnership highlights Regions Bank’s commitment to innovation, security, and customer-centric banking, paving the way for a safer and more efficient financial future.
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