The Consumer Financial Protection Bureau (CFPB) has just finalized a U.S. open banking rule that is set to revolutionize the industry, driving banks to adopt API technologies that not only future-proof their operations but also unlock significant new business opportunities.
Following Axway’s recent acquisition of SBS, we are proud to reaffirm our commitment to the ongoing support and development of open banking. By integrating SBS’s advanced technology, Axway has further enhanced its solution for open banking, open finance, and beyond, positioning it as a market leader.
Axway gives financial services firms the tools, flexibility, and scalability they need to unlock their customer data securely and comply with the new CFPB rule that aims to accelerate responsible open banking in the United States.
“With Amplify Open Banking, our open banking capabilities continue to evolve, driven by user feedback and emerging market trends. With the addition of SBS capabilities, we are thrilled to announce that our open banking solution will provide even greater synergistic value to our customers,” said Mourad Jaakou, VP & General Manager of Amplify Platform at Axway.
Axway will keep innovating and dedicating resources to developing its world-class open banking solution for its customers and enable banks to stay compliant with evolving regulatory frameworks such as Section 1033 of the Dodd-Frank Act.
Amplify Open Banking makes it possible to leverage industry standards like FDX to ensure seamless integration. It eliminates screen scraping and ensures transparency with enhanced security, identity, and consent management services. Financial institutions can simplify authorization management for third-party providers (TPPs) and partners with efficient collaboration.
What’s more, financial institutions can quickly deploy business processes with low-code/no-code tools, as well as monetize APIs, and enhance cross-selling. It also supports Banking-as-a-Service and white-labeling, allowing financial institutions to distribute products and implement embedded finance strategies with partners.
“As part of our long-term strategy, Axway will continue to invest in the future of open banking, ensuring that it remains at the forefront of compliance and innovation in the financial ecosystem,” concludes Jaakou.
“With a strong and loyal customer base, we remain as committed as ever to delivering high-quality solutions that help financial institutions navigate the complexities of open banking with confidence and ease.”
Axway has been helping banks solve their biggest challenges for over 20 years. With Amplify Open Banking, our customers get straightforward regulatory compliance, secure data management, and effective fintech integration on top of our best-in-class, federated Amplify Platform for API management.
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