The improvement to Ozone’s open API platform gives 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).
Ozone’s founding team led the creation of the UK Open Banking standard and delivered the sandbox for the Open Banking Implementation Entity (OBIE). Ozone now powers Open Finance interfaces for more than 50 banks and financial institutions around the world, delivering open APIs.
The upgrade to Ozone’s platform provides banks with the tools needed to expose VRP APIs and monetise the opportunity. The CMA has set a deadline of July 2022 for the UK’s 9 largest banks to implement VRPs for sweeping services and these banks are expected to launch their own commercial or premium VRP offerings imminently. Ozone’s Open API platform ensures all other institutions will not be left behind when the CMA9 banks introduce VRPs.
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. The Ozone authenticator can be delivered as a standalone app or integrated into the financial institution’s existing mobile application.
Ozone also offers a solution to help banks protect their customers from fraud. As the risk of (Authorised Push Payments) APP fraud intensifies, CoP is becoming a minimum requirement for banks. The Ozone CoP solution helps banks deliver inbound and outbound CoP APIs, either standalone or as a simple bolt on to their Open Banking API solution.
Ozone enables financial institutions to deliver APIs that reduce the complexity of Open Finance and reduce the cost of ownership. Ozone has reportedly seen success in Brazil, powering Open Banking APIs for many of Brazil's banks through its partnership with Tecban.
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