Open banking has become essential for financial institutions (FIs), driven by both regulatory changes and the need to stay competitive. Amplify Open Banking from Axway gives you the tools and confidence to move ahead with open banking faster. Start by taking these five steps.
01 Ensure compliance agility
FIs need to handle data securely and transparently to stay in compliance with increasingly stringent open banking regulations like Section 1033 of the U.S. Dodd-Frank Act. Amplify Open Banking unburdens you from compliance concerns with automatic updates, keeping you up to date continuously on Dodd-Frank, PSD3, PSR, FDX and other standards.
02 Achieve effortless ecosystem integration
Banks and other FIs require a layer of integration software to connect the different players in their open banking ecosystems. Amplify Open Banking gives you low-code, no-code capabilities for onboarding customers and partners faster, off-the-shelf connectors, and APIs prebuilt to open banking standards.
03 Enhance customer experience
Consumers everywhere expect control and transparency into their data and fast, easy access to multiple financial services. Amplify Open Banking enables FIs to capitalize on new business models like Banking as a Service (BaaS) and subscription-based services, providing customers a seamless experience in which they can manage all their financial services with a single platform.
04 Create an intuitive developer environment
Both internal and third-party developers play important roles in creating an open banking ecosystem. Amplify Open Banking empowers them with a user-friendly, intuitive development environment, as well as access to a built-in API marketplace where you can package, group, and monetize all your APIs.
05 Improve efficiency and reduce costs
Through open APIs, FIs have an opportunity to streamline processes such as payments, onboarding and customer verification, reducing costs and improving the speed of service delivery. Amplify Open Banking supports automated data sharing with third-party providers, reducing manual intervention, minimizing errors, and speeding up decision-making.
Ready to accelerate your open banking initiatives?
