- Regions Bank has selected Axway to implement open banking.
- Regions will use Axway’s Amplify Open Banking solution to enable secure, API-based data sharing for its consumer, corporate, and wealth management clients.
- With the CFPB’s 1033 rule on the horizon, Regions is getting a head start on compliance, emphasizing customer education and consent management.
Enterprise data integration company Axway announced it is sharing its “open everything” mentality with Regions Bank. The Alabama-based bank has selected Axway to bring open banking capabilities to Regions’ consumer banking, corporate banking, and wealth management customers.
Regions will be using Axway’s Amplify Open Banking solution. Built on Amplify’s API Management Platform, the Amplify Open Banking solution helps firms simplify compliance and integration with its low-code/no-code capabilities that speed up time to deployment.
When the implementation is finalized, Regions will allow its corporate banking clients to leverage Amplify’s Marketplace feature to connect their Regions financial data via APIs. Additionally, the bank’s consumer banking and wealth management clients will be able to select which third parties they’d like to share their financial data with in a process that will remove the need for third-party platforms to save their banking credentials on their own systems. Ultimately, Regions will benefit from a more secure connection between the customer’s bank account and third party platforms.
“At Regions, our focus is on serving customers when and where they want,” said Regions Bank Emerging and Digital Payments Group Manager Tim Mills. “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.”
Open banking has become a hot topic in the U.S., now that the Consumer Financial Protection Bureau has formally issued its 1033 rule that will mandate banks to participate in open banking. Partnering with Axway will offer Regions a head start on the bank’s required adoption date of April 1, 2027. Select smaller firms have until 2030 to comply.
Through Amplify, which is projected to launch in the coming years, Regions customers will receive a one-time prompt from the third-party platforms they use that will reenter information on their accounts.
“We are excited to extend our work with Regions to help provide secure, standardized access to data,” said Axway Vice President for Financial Services and Open Banking Tom Hogan. “This allows their customers to benefit more from the expanding ecosystem of next generation fintechs and third-party data providers.”
Regions also mentioned in today’s release that it will provide educational materials through multiple channels in order to inform customers on the launch. Given that one of the biggest hurdles in open banking adoption is consumer trust, Regions’ proactive approach to educating its customers and offering a consent management portal demonstrates that the bank understands this challenge. By empowering customers with tools to manage their data access, Regions is not only ensuring compliance but is also building the trust necessary for open banking to thrive.