Open finance will change the world. But banks and financial institutions find it hard and costly to deliver. Ozone API provides the open API technology to unlock this potential, helping banks and FIs comply with regulation, align with the many global standards and deliver value adding APIs that drive revenue.
Open finance is transforming the industry and creating the foundations to tackle issues like financial inclusion. It is already creating economic growth in countries that have adopted it.
It is also giving customers more control over their data. Open banking is a global phenomenon. More than 30,000 licensed banks will need to act, and open finance will impact hundreds of thousands of financial institutions. The market potential is huge.
Our founding team led the development of open banking for the regulator in the UK, creating the standards and approach that formed a blueprint that is being used by many other markets.
We saw how difficult the banks were finding it to deliver open banking APIs. Those first banks spent far more than they expected, took way longer and didn’t do a great job.
So we developed the Ozone API.
What do you think makes Ozone API unique?
The Ozone API is a technology platform that takes away the complexity of open banking.
Firstly, we know this space better than anyone. Our team led the development of the blueprint in the UK and we continue to help shape the development of open banking standards around the world. In fact, we’re trusted by regulators to deliver the reference implementations of standards in different markets.
Our platform also goes further than any other. We help banks and financial institutions deliver open APIs that comply with regulations such as PSD2, but more importantly, we go way beyond compliance and help them deliver premium APIs.
We also help central banks and regulators create the right conditions for open finance to thrive, providing the technology to deliver an effective ecosystem.
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How has the company evolved over the last couple of years?
We’ve built strong momentum. Our SaaS platform is proven and powering the open banking APIs for over 50 clients around the world, from challenger banks to tier 1 banks.
We have developed a global reseller platform and are working with significant global partners to create distribution around the world.
We have proved this model in Brazil and the Middle East and have now built partnerships across key regions such as Latin America and Canada to ensure we are ready to scale as these markets start to launch their open finance initiatives.
We are also at the leading edge of the market, helping central banks create new blueprints for open finance.
What can we hope to see from Ozone API in the future?
Open banking is already a global phenomenon, but it’s still early in the journey. At Ozone API we are ready to help banks around the world adapt to and thrive in this new world. So we will be working in even more geographies as open banking sweeps the world.
We’ll also be helping banks to make this way more than a compliance project. By providing a rich suite of premium API functionality we’ll help banks turn their APIs into a truly strategic channel.
We will also see open banking extend to open finance and beyond to other sectors. We’re already supporting open insurance in Brazil, and we expect this extension across the industry and sectors to happen around the world.
We have deeper expertise than any other player and are set up to ride the global open banking wave around the globe as it extends into open finance and beyond. The opportunity is significant and very exciting.
The post A Chat with Huw Davies, CCO and Co-Founder at Open Finance Company: Ozone API appeared first on TechRound.