This collaboration aims to streamline the implementation of Open Banking APIs for banks on a global scale. The integration of 10x's platform with Ozone API allows banks to combine real-time banking functionalities with a straightforward solution that addresses the intricacies of Open Banking.
For banks managing Open Banking internally, Ozone API offers a way to reduce internal complexity and development resources. According to the official press release, Ozone API's capability to ensure compliance within weeks contrasts with the typical 12-18 months required for launching Open Banking in new markets, facilitating a faster time-to-market for banks.
Globally, banks allocate substantial financial resources annually for basic regulatory compliance, with Open Banking regulations varying across markets and constantly evolving. The combined use of 10x SuperCore and Ozone API not only aids banks in complying with diverse regulatory landscapes but also enables the implementation of new models, such as Embedded Finance, for serving customers and distributing products in new ways.
In the company press release, officials from 10x emphasised the significance of open APIs in delivering Embedded Finance, positioning Open Banking as an important element for banks aiming to transcend mere regulatory compliance. The integration of SuperCore with Ozone API's SaaS platform is anticipated to simplify the process for banks to generate commercial value and monetise Open Banking.
Representatives from Ozone API highlighted the partnership's role in assisting banks in reducing complexity in their tech stack. This, in turn, enables banks to comply with global Open Banking standards, freeing up resources for a focus on accelerating growth and value creation.
In May 2023, Ozone API joined forces with Smart Data Foundry and launched two new products. The products were 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.
As for the Standards Library, it was created to aid financial institutions to better understand the global landscape. The main goal was to make it easy to assess the technical standards adopted by a geography or financial system.
For more information about Ozone API, please check out their detailed profile in our dedicated, industry-specific Company Database.
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