Cloudentity Joins Google Cloud Partner Advantage Program to Accelerate Open Banking – Digital Transactions

As part of its strategy to enable application developers to build solutions that are fully compliant with open banking regulations worldwide, Cloudentity, a provider authorization technology, has joined the Google Cloud Partner Advantage Program as a technology partner of Apigee, Google Cloud’s API management platform. .

The partnership combines Apigee’s API management platform with Cloudentity’s end-to-end approach to managing permissions and consents, including regional regulations, into a single product. Apigee’s API platform helps developers design application programming interfaces. The goal of the latest decision, according to the companies, is to give Google customers a one-stop shop for app authorization, user consent and identity orchestration for open banking apps and services.

Open bank is a trend whereby fintechs can verify account ownership and balances to help authorize the movement of funds for online purchases and other purposes.

“Fundamentally, this partnership acts as an accelerator for banks, fintechs and third-party providers looking to securely adopt integrated finance/payments or adhere to open banking regulations,” said Cloudentity CEO Jason. Needham, by e-mail. “Together, Google and Cloudentity deliver best-in-class security, scalability, and privacy to customers around the world, simplifying complex regulatory compliance requirements and protecting valuable data.”

The goal is to enable Cloudentity and Google Cloud customers to build solutions that are fully compliant with open banking rules around the world. This is critical as regional open banking regulatory requirements rely on slightly different specifications.

“Open banking regulations continue to evolve, and by their nature, financial APIs are very complex and precise,” says Needham. “Developers using Google Cloud and Cloudentity’s combined solution no longer need to worry about the complexity of financial-grade APIs…consent flows or registry integrations, because everything is managed through Cloudentity SaaS. Developers may experiment differently with different versions of specs in the region and with different specs from region to region.

“Open banking providers leveraging Cloudentity get this dynamic authorization capability that is performed on every transaction, providing enforcement with every access request at up to hundreds of thousands of transactions per second,” Needham adds.

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