Axway partners with Envestnet Data and Analytics to advance open banking and customer-permissioned data access
The API-fueled solution enables greater control and faster connectivity of embedded finance and customer data portability.
PHOENIX – May 2, 2023 – Axway (Euronext: AXW.PA), provider of Amplify Open Banking, is proud to announce its partnership with Envestnet Data and Analytics (D&A), through Envestnet | Yodlee, a global leader in data aggregation and analytics. Together, Axway and Envestnet D&A provide consistent API access via the FDX (Financial Data Exchange) standard, eliminating the need for proprietary APIs.
“Partnering with Envestnet is a natural fit thanks to our common vision,” says Laurent Van Huffel, VP of Financial Services, Open Banking, and FinTech at Axway. “Axway helps financial institutions share data consistently and securely, while respecting customer consent. By leveraging Axway Open Banking, Envestnet can streamline connecting people’s daily financial lives with their long-term financial goals, for our Banking, Wealth, and Technology clients.”
Consumers demand control of their financial information in our data-driven age, with the option to share their data to third parties, for services ranging from small business accounting to fraud monitoring, budgeting, saving for a goal, payments, loan applications, or wealth management.
Built on Axway’s industry leading Amplify Platform, Amplify Open Banking leverages these modern marketplace capabilities to publish and facilitate the third-party adoption of standardizedAPIs that drives the open finance economy.
In the past, credential-based “screen scraping” – where customers provide their credentials to a third party, which accesses the information directly from their banking portal with their permission – was the most expedient way to offer data portability.
Now, a common FDX API standard is becoming more widely available, and allows financial institutions to more easily and directly share discrete data elements, thanks to fine-grained permissions that keep the customer in control and provide faster connectivity.
“Our partnership with Axway will help shorten the time it takes to connect to financial institutions, and subsequently onboard partners, allowing consumers to quickly access their financial data via a secure, common API,” explains Lisa Novier, Head of Governance, Risk and Compliance for Envestnet Data and Analytics. “This seamless flow of data helps us give people and small-to-medium size businesses stronger control over sharing their financial data with third-party financial service providers and receive a more complete view of their financial lives.”
“The Axway-Envestnet partnership realizes the promise of open banking, putting people in charge of their money and removing hurdles to participation in a thriving ecosystem for financial institutions,” says Eyal Sivan, Head of Open Banking at Axway.
The Consumer Financial Protection Bureau recognizes the importance of common standards, and in October 2022, the CFPB director launched the rulemaking process that will require financial institutions to give consumers consistent control over their data. It is also exploring a common standard to pave the way forward to a more dynamic, competitive financial services market that keeps the consumer at its center.
As North America prepares for upcoming regulation, Axway and Envestnet are poised to help financial institutions tap into the power of the open banking ecosystem, unlocking new business models and leveraging rich customer insights to embrace innovation over compliance.
Learn more about how Axway and Envestnet D&A can help financial institutions tap into the API-fueled financial ecosystem, here.
Envestnet (NYSE: ENV) is transforming the way financial advice is delivered through an ecosystem of technology, solutions and intelligence. By establishing the connections between people’s daily financial decisions and long-term financial goals, Envestnet empowers them to make better sense of their finances and live an Intelligent Financial Life™. Nearly 106,000 advisors and approximately 6,900 companies including: 16 of the 20 largest U.S. banks, 47 of the 50 largest wealth management and brokerage firms, over 500 of the largest RIAs and hundreds of FinTech companies, leverage Envestnet technology and services that help drive better outcomes for their businesses and for their clients. For more information on Envestnet, please visit www.envestnet.com and follow us on Twitter @ENVintel
Axway enables enterprises to securely open everything by integrating and moving data across a complex world of new and old technologies. Axway’s API-driven B2B integration and MFT software, refined over 20 years, complements Axway Amplify, an open API management platform that makes APIs easier to discover and reuse across multiple teams, vendors, and cloud environments. Axway has helped over 11,000 businesses unlock the full value of their existing digital ecosystems to create brilliant experiences, innovate new services, and reach new markets. Learn more at axway.com.