Ozone API is set to launch a new open banking software designed to convert APIs for more strategic and commercial banking.
Building upon its advanced API technology, Ozone allows financial institutions to comply with PSD2 (Second Payment Services Directive), creating new open finance revenue streams. The API also aims to deliver VRPs (Variable Recurring Payments) and CoP (Confirmation of Payee) with its new software.
Powering over 50 banks with its compliant open APIs, Ozone helps implement its software through the Open Banking Implementation Entity, with the firm’s founding members playing a key role in the rise of embedded finance in the UK.
Huw Davies, Co-Founder and Chief Commercial Officer at Ozone API, commented: “Since PSD2, banks have faced a serious challenge in implementing open API technology.
“We enable banks to meet this challenge and overcome the complexity of building open banking services that comply with standards. The next step is to help banks move beyond compliance and use open banking technology to create commercial channels. The Ozone API solves the headaches of complying with PSD2 and enables banks and financial institutions to build new revenue streams in the era of open banking and finance.”
One of the new additions to Ozone’s services are VRPs. VRPs enable extended consent for repeating automated payments, allowing for a broader range of payments. According to Ozone, the CMA has set a deadline of July 2022 for all of the UK’s largest banks to implement VRPs for their services.
“The market is evolving beyond simple compliance. With Variable Recurring Payments launching in the UK, the moment has arrived where Open Banking starts to become commercial,” remarked Chris Michael, CEO and Co-Founder of Ozone API.
Ozone API is set to launch a new open banking software designed to convert APIs for more strategic and commercial banking.
Building upon its advanced API technology, Ozone allows financial institutions to comply with PSD2 (Second Payment Services Directive), creating new open finance revenue streams. The API also aims to deliver VRPs (Variable Recurring Payments) and CoP (Confirmation of Payee) with its new software.
Powering over 50 banks with its compliant open APIs, Ozone helps implement its software through the Open Banking Implementation Entity, with the firm’s founding members playing a key role in the rise of embedded finance in the UK.
Huw Davies, Co-Founder and Chief Commercial Officer at Ozone API, commented: “Since PSD2, banks have faced a serious challenge in implementing open API technology.
“We enable banks to meet this challenge and overcome the complexity of building open banking services that comply with standards. The next step is to help banks move beyond compliance and use open banking technology to create commercial channels. The Ozone API solves the headaches of complying with PSD2 and enables banks and financial institutions to build new revenue streams in the era of open banking and finance.”
One of the new additions to Ozone’s services are VRPs. VRPs enable extended consent for repeating automated payments, allowing for a broader range of payments. According to Ozone, the CMA has set a deadline of July 2022 for all of the UK’s largest banks to implement VRPs for their services.
“The market is evolving beyond simple compliance. With Variable Recurring Payments launching in the UK, the moment has arrived where Open Banking starts to become commercial,” remarked Chris Michael, CEO and Co-Founder of Ozone API.
