The products are named Standards Library and Innovation Atlas, and they were both designed to support financial innovation in Open Banking. The Innovation Atlas was designed to offer an overview of Open Finance initiatives as they gain traction in different parts of the world. Some of the main elements being documented and explored in the Innovation Atlas are levels of financial inclusion, telecommunication challenges, and banking and data privacy regulations. The information can be accessed and navigated via a map within the Innovation Atlas.
The Standards Library can aid financial institutions and innovators to better understand the global landscape. The goal is to make it easy to assess the technical standards adopted by a geography or financial system. This tool can also be used by banks, fintechs and regulators to better understand and compare the different standards around the world. According to the company press release, there are now more than 20 different Open Finance standards globally.
The combination between Ozone API’s sandbox and Smart Data Foundry’s aizle synthetic data engine creates an innovation environment for financial institutions, regulators, and fintechs to test new ideas and bring new products to market rapidly. Synthetic data is artificially generated information that incorporates the most important features of real-world data. The azile synthetic data engine can create this data without tapping into real-world information thus removing privacy and other data risks.
Ozone API is a UK-based fintech that helps banks and financial institutions to adapt to new innovations in Open Finance. In April 2022, the company launched a suite of solutions that enable banks to move beyond compliance and convert their APIs into more strategic and commercial channels.
The improvement to Ozone’s open API platform gave banks and financial institutions the ability to comply with PSD2, create new Open Banking and Open Finance revenue streams and deliver services including Variable Recurring Payments (VRPs) and Confirmation of Payee (CoP).
The creation of the UK Open Banking standard was led by Ozone’s founding team, which also delivered the sandbox for the Open Banking Implementation Entity (OBIE). Ozone also launched the Ozone Authenticator, a mobile application which allows financial institutions to deliver a full authentication and consent management solution to satisfy regulatory and business requirements for Strong Customer Authentication (SCA) relating to Open Banking and Open Finance.
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