Ozone API, the open banking technology provider, is joining forces with ProductCloud, a platform that streamlines product information management, to help Australian companies comply with the Consumer Data Right legislation.
Through the partnership, Ozone API and ProductCloud have provided a new technology platform which removes complexity and enables businesses in Australia to quickly deliver open APIs aligned to the latest version of the Australian Consumer Data Standard.
The announcement comes after the Australian Government announced a series of changes to the Consumer Data Right (CDR), an opt-in service that empowers consumers to share their data securely, with full control and transparency over who it’s shared with and why. These updates simplify requirements for accredited banks when checking or seeking consumers’ data for providers. The CDR framework aims to serve consumers better, improving overall consumer experience.
With non-bank lenders now needing to comply with these regulations, Ozone API and ProductCloud offer a combined proposition enabling relevant organisations to meet open banking regulations; quickly and
cost-effectively. Ozone API’s solution is already CDR-compliant.
“Our platform is already helping banks and financial institutions around the world to deliver standards compliant with open banking APIs, including in line with the CDR standard,” explained Huw Davies, co-founder and CEO of Ozone API. “We’re really excited to combine our global expertise in open finance with ProductCloud’s innovative product management platform. Together, our solutions remove the complexity of achieving and maintaining CDR compliance, allowing organisations to focus on their core business.”
Pioneering open finance
Both teams from Ozone API and ProductCloud have played formative roles in the development of open banking standards. The Ozone API founding team led the design and development of the UK open banking standards, whilst the founding team of ProductCloud helped author the Australian Consumer Data Standards.
Mark Evans, co-founder and CEO of ProductCloud, commented: “Since launching ProductCloud back when CDR kicked off, we had our sights on being the go-to Product Information Management and CDR Compliance platform for Financial Institution Product Managers. Partnering with Ozone API is an exciting development because they have also been a pioneer in open finance. Collaborating with our respective SaaS platforms and out-of-the-box APIs will provide a unique offering for rapid and cost-effective open banking compliance.”
Alongside ProductCloud, Ozone API is working with a trusted partner with a deep understanding of the open banking landscape in Australia. Sharing knowledge of their respective markets, both companies remain one step ahead of their competitors while providing the best-in-class experience for customers.
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