How Open Banking Works To Enhance Bank Application Security
Looking for a definition of open banking? Read this blog where we explain the revolution in financial services: https://blog.axway.com/industry-insights/banking-finance/what-is-open-banking?utm_source=youtube&utm_medium=social&utm_content=ob_demo_clips This clip outlines the secure flow of authentication and consent in open banking, showing how it protects end-user data while enabling third-party applications to access banking information in a controlled, transparent manner. Key Takeaways: 🔄 Understand the complete authentication flow in open banking ecosystems 👍 See how user consent creates a secure foundation for data sharing 🛡️ Implement processes that ensure security, compliance, and frictionless experiences Learn how to implement secure open banking practices - watch the full demo of Amplify Open Banking: https://go2.axway.com/NA-WBN-2025-02-27OpenBankingDemo_LP-Registration.html?utm_source=youtube&utm_medium=social&utm_content=ob_demo_clips Transcript: When an end user interacts with an application that accesses their financial data at a bank, the user makes a request to the app, and then the app makes a request to the bank on behalf of the user. This is where open banking comes into play. Open banking redirects the user for authentication and authorization. The user then provides consent, granting the application access to their financial data. Once consent is granted, the bank retrieves the information and returns it to the application for the consumer to use. This simplified view shows how we're building a process that ensures security, compliance, and a frictionless experience for both developers and customers. #OpenBankingSecurity #SecureAPIAccess #ConsentManagement #OpenBanking #OpenFinance
