Axway joins forces with Blanc Labs to offer specialised Open Banking solutions

Open Banking provider Axway has formed a partnership with Toronto-based Blanc Labs to offer integrated Open Banking solutions to financial institutions.

The specialised solutions offered by Blanc Labs, which is a financial service and healthcare innovation partner, and Axway are designed to make API integrations more efficient and cost-effective through universal API management.

“We want to help all banks – anyone who has something to bring to the table – to strategise and compete in the Open Banking arena,” said Eyal Sivan, head of Open Banking at Axway.

Axway’s Eyal Sivan

“They will thrive as they embrace open APIs, build on trusted customer relationships, and meet their customers’ needs wherever they are.”

Blanc Labs CEO Hamid Akbari added: “API-zation will enable secure data interoperability within the financial services ecosystem. Open Banking and Banking-as-a-Service pose a disruption challenge, as well as a massive growth opportunity, for banks and fintechs.”

Among the benefits for banks of the unified API platform identified by Axway and Blanc Labs are less technical complexity “by unifying and simplifying” API services across the organisation, and stronger security “thanks to a unified, vendor-agnostic view of all APIs”.

Speaking about the partnership, Akbari said that “out-of-the-box support” for Open Banking and common data standards will significantly reduce the cost of building next-gen financial services and accelerate time-to-market for its clients.

In May this year, Axway teamed up with application identity and authorisation provider Cloudentity to offer the first production release to support Financial Data Exchange (FDX) 5.0 APIs, making it the first to market with an authorisation server that supported the latest version of the common data standard in North America.