Ozone API partners with modular core banking platform

Ozone API and modular core banking platform Tuum have partnered to enable Tuum’s customers to comply with Open Banking regulations and commercialise Open Finance globally.

The new partnership combines Ozone API’s standards-based Open API platform, which offers more than 400 standard APIs, with Tuum’s modular core banking solution, which is both cloud-native and based on microservices architecture.

Together, they intend to create a “seamless and comprehensive ecosystem” that enables banks and financial institutions to meet global standards and reap the commercial benefits of Open Banking.

James Bushby, general manager for Europe and global partnership lead at Ozone API, said that the companies’ combined strengths will enable financial institutions to “tackle” compliance challenges, while “harnessing the immense opportunities of Open Banking”.

“Together we’re paving the way for industry disruption, elevated customer experiences, and a more open, connected, and customer-focused financial ecosystem,” Bushby added.

“At Tuum, we understand the need for banks to replace legacy systems quickly and safely, lowering maintenance costs and unlocking new possibilities,” said Jean Souto, Tuum’s vice president global partnerships.

“Our partnership with Ozone API directly addresses this need, integrating their Open API platform into our partner solutions. This powerful combination enables our clients to navigate Open Banking compliance while exploring new revenue streams, fostering innovation, and positioning themselves for success in an ever-changing ecosystem.”

Last month, Ozone API teamed up with Engine by Starling, the technology arm of Starling Bank, to integrate the Ozone API platform into Engine’s Software-as-a-Service core banking platform.

Listen to Ozone API’s Huw Davies and chair Jayne-Anne Gadhia discuss the global state of Open Finance on the Open Banking Expo Unplugged podcast here.