Open banking is a hot topic in development today, driven by digital transformation and the modernization of applications to manage customer access and consent, and the need to dynamically share data within the business and partner ecosystems.
Open banking enables customers, partners and employees to access applications, data and services regardless of their location, device or network.
The open banking market is expected to grow to $43.15 billion by 2026, as it is rapidly becoming the security cornerstone for enterprises adopting cloud and building the next generation of business, partner and consumer services.
Cloudentity delivers on the open banking promise with dynamic authorization and security and privacy guardrails that reduce development costs by up to 85%.
Powered by Cloudentity’s Dynamic Authorization, automated governance and machine learning technology, and combined with Okta’s CIAM platform, the integrated solution automates the onboarding of APIs and cloud services into Okta’s CIAM ecosystem.
These APIs and services are protected with dynamic access control policies that are pre-configured to meet the needs of heavily regulated industries such as finance and healthcare.
“Zero trust Dynamic Authorization is a critical component in the move to an API economy,” said Nathanael Coffing, cofounder of Cloudentity.
“It enables financial services companies to solve complex challenges with open banking APIs while also managing fine-grained consent to protect users’ privacy and sensitive data.”
The integrated solution from Cloudentity and Okta is available in the Dynamic Authorization Open Banking Sandbox, a proven model environment that offers a reference architecture and the infrastructure for enterprises deploying API-driven services.
The Sandbox allows enterprises to quickly and securely add Open Banking and Payments Services Directive 2 (PSD2) support via Cloudentity’s fine-grained Dynamic Authorization and Okta’s identity platform.
This enables organizations to manage consent, authorization and data lineage utilizing dynamic data sharing and consent agreements across organizations in real-time.