Feb 22, 2021: Open Banking Security

Written by Gertjan De Wilde

We have a lot to share this week as part of our passion to continue providing you with industry-leading information on the global Open Banking segment. This update will have the weekly additions to the Open Banking Tracker (Banks, APIs, TPPs, etc.) and a look at how Open Banking is being made more secure.


Our Current Coverage

  • • We track 2,757 banks providing Open Banking services! (+2 from last week)
  • • 1,015 APIs currently tracked on our platform! (+3)
  • • 404 TPPs in the ecosystem!
  • • 86 Global markets covered!
  • • 35+ Open Banking API Aggregators! (with more coming very soon...)
  • • PSD2 API & PSD2 Open Banking coverage!
  • • Track over 60+ data points for all open banking projects!
  • • And we are growing on a continuous basis... 🚀🚀🚀

Developments (Feb 16th to Feb 22nd):

We initiated coverage and provide Open Banking information for:

  • Cleo - Your AI friend that looks after your money.
  • Berenberg - Is a Hamburg-based multinational full-service investment bank. It was founded by the Flemish-origin Berenberg family in 1590 and is the world's oldest merchant bank.
  • • Biggest Publicly Available TPP Registry in the Industry! 🚀🚀🚀
  • • And many more!

We continue to cover over 35 aggregators!

Delivering Safer and More Secure Open Banking / Cloudentify & Axway

A broader digital transformation drives open Banking. Still, it accelerates the modernization of applications to manage customer access and consent to share their financial data and the need to dynamically share that data within business and partner ecosystems. “Getting consent right is one of the most challenging aspects of creating a comprehensive open banking solution,” said Vince Padua, Chief Technology and Innovation Officer at Axway.

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. With this partnership, APIs and services are protected with fine-grained progressive consent and pre-built open banking consent flows, providing pre-configured dynamic access control policies to meet the specific needs of open banking standards around the world, including the Payment Services Directive (PSD2), UK Open Banking (OBIE), Consumer Data Standards (CDR), and the Financial Data Exchange (FDX)

“By partnering with Cloudentity and leveraging their FAPI-compliant authorization control plane, we can hide the complexity of consent and identity in our Amplify platform. This lets our customers use the consent provider of their choice and focus on building great open banking APIs,” says Mr. Padua.

Cloudentity delivers on the promise of secure open banking with dynamic authorization, including security and privacy guardrails that reduce development costs for building consent flows by up to 85%.

The integrated solution from Cloudentity and Axway is available in the Dynamic Authorization Open Banking Sandbox. This proven model offers reference architecture and infrastructure for enterprises deploying API-driven services. The Sandbox allows enterprises to add open banking and Payment Services Directive 2 (PSD2) support quickly and securely to manage consent, authorization, and data lineage utilizing dynamic data sharing and consent agreements in real-time, across different organizations.

The Cloudentity Authorization Control Plane is a hybrid-cloud API Dynamic Authorization Solution that delivers policy automation and governance for Zero Trust exchanges between applications, users, services, and data. This facilitates secure and confidential data exchange for high-value transactions.

What is the key takeaway…

Open Banking and the trend towards broader Open Finance is changing the way we interact with our data at a pace never seen before. With this change, managing customer access and consent is crucial, as trust is one of the pillars required for a robust financial system. The partnership within Cloudentity and Axway represents one of many burgeoning partnerships with security and fintech are driven by the absolute need to build a very trustworthy and reliable system.


Please feel free to email us back with any coverage or data requests to implement or improve our current data set! We are a customer centric provider and want to make sure our users are as satisfied as can be!

We also highly recommend you to follow our Twitter @BankingTracker for tracker updates, @BanqNetwork for FinTech news, and @Banq_ai for business updates! If you enjoy our newsletter, then please share it - either by forwarding to your contacts or sharing this link on social media.

Have a great week and stay safe!

The Banq team

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