Software

Regions Bank selects Axway for open banking

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January 8, 2025

Regions Bank selected data integration company Axway for its Amplify Open Banking Solution. The bank will use this service for its corporate and wealth management customers, according to a press release.

With open banking, customers can share financial data between financial institutions and third party providers to have access to more advanced banking tools. Amplify allows Regions customers to authorize consent after approving individual transactions so third party platforms won't need to save banking credentials, according to the release.

Regions will monitor third-party activity and allow customers to deactivate data sharing as needed.

"At Regions, our focus is on serving customers when and where they want," Tim Mills, emerging and digital payments group manager at Regions Bank, said in the release. "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."

"We are excited to extend our work with Regions to help provide secure, standardized access to data," Tom Hogan, vice president for financial services and open banking at Axway, said in the release. "This allows their customers to benefit more from the expanding ecosystem of next generation fintechs and third-party data providers."