Open banking technology provider Ozone API is joining forces with cloud consultancy Bespin Global to offer a new end-to-end open banking solution to US financial institutions.
Through the new partnership, Bespin Global US and Ozone API will look to enable seamless, end-to-end compliance for financial institutions and provide a fully managed path to a successful open banking rollout.
The recent Section 1033 rulemaking under the Dodd-Frank Act means that American consumers will have the right to access and share their financial data. To ensure financial institutions can comply with the legislation, they will need to implement open, secure APIs using standardised data formats.
Bespin Global will analyse the current state of data architecture and quality, modernise and migrate systems to cloud platforms as needed, and ensure that the required data is secure and accessible for third-party interfaces.
Bespin Global will also oversee the onboarding of Ozone API’s platform, conduct rigorous testing, and support the customer in going live with their new open banking system. Together, the companies will aim to bridge the gap between the skills, expertise, and technology required to bring any financial institution up to speed with the open banking movement.
“In the 2010s, we saw a sea change in healthcare technology due to HIPAA regulations,” explained Steven Zeller, head of product strategy for Bespin Global US. “Now, Dodd-Frank is driving similar disruption in financial services. Banks of all sizes must break down data silos, modernise their systems, and prepare for globally distributed data exchanges. Our partnership with Ozone API positions Bespin Global at the forefront of this new wave of transformation.”
Bespin Global specialises in migrating large data sets to modern platforms while ensuring data quality and provides critical long-term services such as security and 24/7 support.
Showing US banks the path to open banking
For the finance industry, Bespin Global offers real-world expertise alongside a global bench of expert cloud and data engineers ready to tackle open banking and open finance projects. Ozone API offers a purpose-built open banking platform designed to integrate with any infrastructure or core banking system.
Built by the team that created UK open banking, the Ozone API platform supports all global open banking standards and addresses all the requirements for Section 1033 compliance, including consent management, verification, and a robust API suite for transactions, customer service, online payments, and reporting.
“Ozone API offers the most flexible and powerful open banking platform on the market,” says Eyal Sivan, general manager of North America for Ozone API. “Our partnership with Bespin Global allows us to provide a scalable consulting and delivery team, leveraging thousands of certified cloud and data experts worldwide. We can now assist banks of any size in the US, regardless of where they are on their journey to open banking adoption, as we have already done across Europe, the Middle East and Asia.”
Ozone API empowers banks and financial institutions to adapt and thrive in the new world of open data, by providing the technology necessary to quickly and easily publish open banking APIs to unlock the power of open finance. Ozone API’s open API platform supports all global standards and equips financial institutions with the tools and expertise to drive real commercial value.
Bespin Global and Ozone API are offering a free open banking workshop for qualifying banks. The partnership will also be featured at the upcoming Financial Data Exchange (FDX) Conference in April 2025.
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