Ozone API partners with 10x Banking to speed up banks’ Open Banking compliance

Open Banking API technology provider Ozone API and 10x Banking, a cloud-native Software-as-a-Service core banking platform, have teamed up to remove the need for banks globally to build and manage Open Banking APIs in-house.

Through the partnership between the two platforms, banks will have access to an “Open Banking in a box” solution.

Those banks that already manage Open Banking in-house will benefit from Ozone API’s ability to reduce internal complexity and development resources.

Ozone API can deliver compliance “within weeks”, as opposed to the 12 to 18 months that it typically takes banks to go to market with Open Banking.

Ozone API’s Huw Davies

‘SuperCore’ is 10x Banking’s next-generation core banking platform and enables banks to launch products and customer experiences faster and more cost-effectively, powered by real-time data.

The combination of 10x ‘SuperCore’ and Ozone API will help banks to enable new models, such as embedded finance, to better serve customers and distribute products in different ways.

Frederico Venturieri, vice president and global head of GTM and partnerships at 10x, said: “As Open APIs become the key channel to deliver embedded finance, Open Banking becomes a critical component for banks which must go beyond merely complying with regulation.

“By combining SuperCore with Ozone API’s SaaS platform, it becomes much easier for banks to create commercial value and monetize Open Banking.”

“As global specialists in Open Banking standards, our partnership with 10x makes it easier for banks to reduce complexity in their tech stack, allowing banks to comply with any global Open Banking standards, so they can focus on accelerating growth and value creation,” added Huw Davies, co-founder and co-chief executive officer of Ozone API.

In this Q&A, Huw Davies explains why banks are beginning to realise the potential of premium APIs.