Global Open Banking Partner Directory

Open Banking is nothing new in the UK and Europe – in fact it’s been around for quite some time now. What is new, though, is the vigour with which regulators in the region are beginning to monitor compliance with the Revised Payment Services Directive, or PSD2.

That means the many banks, financial institutions (FIs) and e-money institutions (EMIs) that have not put in place an API solution or have looked for compliance shortcuts will now have to up their game, and quickly.

The Financial Conduct Authority (FCA)1 and the European Banking Authority (EBA)2 have both recently made clear they expect smaller financial institutions to comply with PSD2 and to do so without introducing unnecessary barriers to third parties.

With regulators increasing their focus on compliance, pressure on financial institutions of all sizes to have compliant open APIs is growing
Ozone, developer of the leading standards-based software for open banking, has launched a specialist platform to help financial institutions (FIs), challenger banks, neo banks and e-money institutions (EMIs) handle the growing complexity of open banking and open finance.

Ozone’s API software already helps financial institutions deliver open APIs that are fully compliant with the OpenID Foundation’s FAPI and CIBA profiles and offers full support for major global standards, including UK Open Banking, Berlin Group and FDX, as well as a growing number of emerging open banking standards around the world, such as in Brazil, Mexico, Bahrain and many others.

2021 is the year that open finance will become a reality in Brazil. With wide ranging regulation driving the implementation of a full open finance scope by all of the banks and financial institutions, Brazil could soon eclipse other markets as the open banking benchmark. TecBan have just announced the launch of their open finance platform, which is powered by Ozone API, to help banks in Brazil adapt to this change and thrive in the new world of open finance.

Tiago Aguiar, Head of New Platforms at TecBan says: “Open Banking has the capacity to transform the Brazilian financial ecosystem. TecBan’s Open Banking as a Service platform, tested and approved in the United Kingdom, meets the needs of the financial sector while reducing the investment and effort required for institutions to join the ecosystem..."