Ozone API partners with Thistle Initiatives

Wednesday 17 April 2024 13:44 CET | News

UK-based Ozone API has announced its partnership with Thistle Initiatives to allow FIs to implement PSD3 and achieve fast Open Banking compliance. 

Following this announcement, both Ozone API and Thistle Initiatives will focus on giving financial institutions the possibility to accelerate the manner in which they implement the Third Payment Services Directive (PSD3) and quickly and securely achieve Open Banking compliance. 


Ozone API partners with Thistle Initiatives

More information on the partnership

Throughout this initiative, the specific details of what the Third Payment Services Directive (PSD3) will entail are set to still be published as reviews in the European Parliament and Council of the EU continue. In addition, the regulation is expected to introduce governance relating to customer consent, including the process of requiring ASPSPs to maintain consent management dashboards, representing an area that Ozone API already supports. The companies will focus on meeting the needs, preferences, and demands of customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements of the industry. 

At the same time, it is also likely to clarify the application of Strong Customer Authentication and include metrics for optimising the performance of Open Banking APIs, while also aiming to move the ecosystem towards improving Open Finance possibilities and accelerating its overall development. By working with Thistle Initiatives, Ozone API is set to ensure a smooth and secure transition to PSD3 compliance for any financial institution, while also providing guaranteed upgrades to new regulatory requirements and API standards. 

PSD3 will also go beyond PSD2, aiming to be a regulation with binding legal force, as opposed to merely a directive, with the aim of increasing consistency of approach across the region of Europe. This will provide banks compliant with the Second Payment Services Directive with the possibility to have a significant activity to undertake and ensure compliance with the new regulatory framework. 

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: partnership, banking, Open Banking, Open Finance, online banking, mobile banking, digital banking, financial services, financial institutions
Categories: Banking & Fintech
Companies: Ozone API, Thistle Initiatives
Countries: United Kingdom
This article is part of category

Banking & Fintech

Ozone API


Thistle Initiatives

Discover all the Company news on Ozone API and other articles related to Ozone API in The Paypers News, Reports, and insights on the payments and fintech industry:

Industry Events