Cloudentity is a provider of Identity-Aware Authorization and Application Security solutions for the API-First economy, such as open banking.
API Access Control has emerged as the next generation of Identity security, allowing enterprises to protect APIs, users, and services from misuse and abuse.
Security and infrastructure teams at Fortune 500 organizations worldwide rely on Cloudentity to keep their applications safe from attacks.
What is Consent Management in Open Banking?
Open banking provides third-party service providers open access to consumer banking transactions and other financial data from financial institutions. One of the most critical dependencies of open banking is customer consent.
The growth in products and services through open banking has resulted in customers providing consent for every subscription.
Before open banking, third-party service providers like Mint from Intuit required customer credentials for each account and built a custom screen-scraping integration with each institution.
Open banking solves this problem by ensuring (with consent) that customer data and other information shared with third-party companies are private and secure.
How does Cloudentity complement Axway Amplify Platform?
Open banking is one use case where regulations have defined the architecture for obtaining and maintaining consent between the parties involved.
Cloudentity provides an OAuth authorization service in conjunction with an Identity Provider (IDP) of choice to perform future-proof fine-grained privacy and consent management.
Powered by Cloudentity’s dynamic authorization automated governance and machine learning technology, the integrated solution automates the onboarding and protection of APIs and cloud services on the Amplify platform.
The integrated solution from Cloudentity and Axway is available in the Dynamic Authorization Open Banking Sandbox, a proven model that offers reference architecture and infrastructure for enterprises deploying API-driven services.
Most enterprises have standardized on an IDP. How does Cloudentity work with IDPs?
Cloudentity has coined the “Bring Your Own Identity Provider” model (BYOIDP). BYOIDP allows organizations to capitalize on their existing identity investments, seamlessly integrating dynamic authorization into their current identity and application ecosystem.
Like Axway, Cloudentity supports the use of many IDPs like Ping Identity, Okta, and OneLogin for consent management required for Open Banking.
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