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As part of its strategy to enable application developers to create solutions fully compliant with open-banking regulations around the world, Cloudentity, a provider authorization technology, has joined the Google Cloud Partner Advantage program as a technology partner to Apigee, Google Cloud’s API Management platform.
The partnership combines Apigee’s API management platform with Cloudentity’s end-to-end approach for authorization and consent management, including regional regulations, into one product. Apigee’s API platform aids developers in designing application programming interfaces. The object of the latest move, the companies say, is to give Google customers a one-stop shop for application authorization, user consent, and identity orchestration for open-banking apps and services.
Open banking is a trend by which fintechs can verify account ownership and balances to help authorize funds movement for online purchases and other purposes.
“Fundamentally, this partnership acts as an accelerator for banks, fintechs, and third-party providers looking to securely adopt embedded finance/payments or adhere to open-banking regulations,” Cloudentity chief executive Jason Needham says by email. “Together, Google and Cloudentity bring best-in-class security, scalability, and privacy to customers globally, simplifying the requirements of meeting complex regulations and the safekeeping of valuable data.”
The objective is to allow Cloudentity and Google Cloud customers to create solutions that are fully compliant with open-banking rules around the globe. That is key as regional open-banking regulatory requirements leverage slightly different specifications.
“Open-banking regulations are continuing to evolve, and by their nature financial APIs are highly complex and precise,” Needham says. “Developers using the combined solution from Google Cloud and Cloudentity no longer have to worry about the complexities in financial-grade APIs … consent flows, or the registry integrations, as this is all handled through the Cloudentity SaaS. Developers can experiment differently with different versions of the specs in the region and with different specs cross-region.”
“Open banking providers leveraging Cloudentity gain this dynamic authorization capability that is performed on each and every transaction providing enforcement at every access request up to hundreds of thousands of transactions per second,” Needham adds.
