This initiative comes at a time when Open Banking in the US is transitioning due to changing regulations, increased market adoption, and evolving fintechs.
The new partnership aims to enable financial institutions to comply with the recent Section 1033 rulemaking under the Dodd-Frank Act with minimal operational burden. The act was passed 14 years ago, and it mandates that financial institutions provide customers with access to their financial data. The Consumer Financial Protection Bureau finalised rules in October 2024 to implement this, intending to improve competition and innovation in financial services.
Under these rules, consumers can securely share their financial information, such as transaction histories and account balances, with authorised third parties. This facilitates the use of various financial apps and services, promoting Open Banking practices. Currently, an estimated 80% of individuals in the US utilise at least one fintech tool, according to Plaid.
Banks of all sizes are required to break down data silos, modernise their systems, and prepare for global data exchanges. The partnership came as a response to this, with Bespin Global aiming to analyse the current state of data quality, migrate systems to cloud platforms as needed, and ensure that the required data is secure and accessible for third-party interfaces. It will also oversee the onboarding of Ozone API’s platform, conduct testing, and support customers in going live with their Open Banking system.
Ozone API provides banks and financial institutions with the technology necessary to publish Open Banking APIs at pace, while its open API platform supports global standards. The financial institutions that early adopters of Open Banking benefit from monetising Open Banking capabilities and leveraging the data sets resulted.
Ozone representatives mentioned that the collaboration with Bespin Global allowed the company to provide a scalable consulting and delivery team, leveraging certified cloud and data experts worldwide.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now