Identity and authorization software provider Cloudentity Inc. said today it’s partnering with Google Cloud’s Apigee to give financial services customers a simple, unified solution to address regulatory requirements around open banking.

Apigee is Google Cloud’s application programming interface management tool, which is used by developers to design, secure, analyze and scale their APIs anywhere with full visibility and control.

The partnership with Apigee combines secure API management with Cloudentity’s authorization, automated governance and consent management tools, and wraps those capabilities into a single product.

The integration will help to address security requirements around open banking and speed up adoption, Cloudentity said. Open banking services make use of APIs to enable third-party developers to build applications and services around a financial institution.

Cloudentity’s application authorization, consent and identity orchestration tools will help to secure open banking apps and services and govern how data is shared between partners. Its controls integrate with bank’s existing computing infrastructure to enable continuous authorization to protect sensitive financial data.

Such a service is necessary to boost adoption of open banking, because financial services institutions are among the most heavily regulated in the world. By applying Cloudentity and Google Cloud’s joint solution, banks will be able to take advantage of unique open banking profiles with Dynamic Client Registration implementation, the companies said. DCR is a critical requirement for brokering and enforcing trust between open banking app providers and financial institutions when sharing sensitive data.

With the partnership, APIs and services are protected with fine-grained progressive consent and pre-built open banking consent flows, providing pre-configured dynamic access control policies that meet the specific needs of open banking standards around the world.

“Cloudentity and Google Cloud provide customers with a seamless solution for the rapidly growing open banking and embedded finance market,” said Zac Maufe, Google Cloud’s managing director of global financial services. “Financial organizations are tasked with meeting complex regulations and the safekeeping of valuable data, making it critical to have robust API management and API security capabilities to accelerate innovation, time-to-market and remain competitive.”

Image: Cloudentity