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Through Amplify Open Banking from Axway, Regions is further enhancing data privacy and providing increased security to the flow of customer data.
BIRMINGHAM, Ala., January 06, 2025--(BUSINESS WIRE)--Regions Bank on Monday announced it has selected Axway, a data integration company, and its Amplify Open Banking solution, to deliver future open banking capabilities for Regions’ Consumer Banking, Corporate Banking and Wealth Management customers.
With customer consent, open banking allows clients’ financial data to be shared securely between financial institutions and third-party service providers of their choice. This, in turn, enables customers to share their financial data to support a variety of needs including financial management and budgeting activities. Currently, Regions Bank customers can authorize third-party platforms to obtain their financial data through a credential-based process known as "screen scraping."
In the future, Regions’ digital banking capabilities will be supported by Amplify Open Banking in a new way that further enhances security with an application programming interface (API) solution. The result will be not only greater security but also a simpler, more seamless customer experience. Here’s how it will work:
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Regions’ Consumer Banking and Wealth Management clients will still be able to choose to share financial data with third parties if they wish. Instead of the third-party platform saving the banking credentials to use every time a transaction is made, Regions will authorize consent to share account information only after individual transactions are approved by the client. This new process will remove the need for third-party platforms to save their banking credentials on their own systems.
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A more secure connection will be created between the customer’s permissioned Regions Bank account and the third-party platform the customer chooses. Regions will monitor third-party activity and provide the customer with the means to review and, if needed, deactivate data sharing from their Regions account at any time.
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Separately, Corporate Banking clients can leverage Amplify’s Marketplace feature to connect their Regions financial data seamlessly through a secure API connection.
"At Regions, our focus is on serving customers when and where they want," said Tim Mills, emerging and digital payments group manager at Regions Bank. "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."