Fintech Awards 2021 18 Wealth & Finance International - 2021 FinTech Awards APR2w2 The Ozone API is a technology platform that significantly reduces the time and cost for banks to implement a compliant open banking API interface. It sits on top of any bank’s existing technology and handles the complexity, allowing banks to deliver APIs that align to all major standards – fully conformant to the widest range of global standards, ensuring banks can deliver the right version of the right standards for each market and keep it up to date. It manages customer consent, handling all the complexity of delivering fine grained consent management, for the delivery of regulated and commercial use cases. It automates third party access – all of a sudden, banks need to allow hundreds of unknown third parties across their APIs. A significant challenge. Ozone provides the tools to automate onboarding, verify third party identity and roles, and provide ongoing third party management. Finally, it simplifies reporting with a simple admin interface so banks can manage and report on all aspects of usage and performance, including regulatory reporting. The platform is being used by banks in many markets around the world and is delivering market leading API performance at a significantly lower cost. Ozone helps banks implement the right foundations to ensure open banking works well. Standards are key: open banking will only scale if standards are implemented well. And, with multiple standards around the world, all evolving quickly, this is a real challenge. Ozone supports the broadest range of standards and always aims to support new versions first to help accelerate the potential of open banking. For example, the latest version of the UK open banking standards includes Variable Recurring Payments, a significant piece of functionality that Open banking and open finance is a global phenomenon, dramatically transforming financial services. This is more than regulation, this is the creation of a new strategic channel for banks, a platform for innovation and a way to deliver better customer outcomes. But doing it well is hard! Most banks that have tried to do it themselves have spent multiple times what they budgeted, taken longer and delivered APIs that do not perform well or keep pace with the ever-evolving standards. Ozone API is helping banks around the world deliver high performing APIs that comply with market standards and act as a foundation for a progressive open banking strategy. Banks using the platform are delivering APIs that significantly outperform their peers and they are providing a far better developer experience. Ozone was developed to handle the complexity and enable banks to deliver high performing open APIs that comply with open banking regulations and deliver a strategic platform for growth. Most Innovative Open Banking Technology Provider 2021 will enable open banking payments to truly scale and support intelligent, embedded commerce use cases. Ozone is the first to support this new standard and it will continue to be the leader in standards-based open banking. Open banking is complex, but Ozone has engineered the solution to shield its clients from the complexity. Then, it’s about great delivery. Its team is made up of absolute experts in open banking and it wants to use this expertise to handhold its clients and partners through the journey. The founding team of Ozone led the development of open banking in the UK through their leadership roles at the UK Open Banking Implementation Entity. This includes leading the development of the ecosystem, and developing and authoring the UK open banking standard, which has been used as a foundation around the world. Beyond the founding team, the broader team have unrivalled open banking experience and the company takes pride in the service it provides to clients. Key to its growth is also the development of strategic partnerships as it works with other major banking technology providers to “enable the enablers”. The technology is incredibly partner friendly and working with strategic partners around the world helps to accelerate open banking. Ozone has grown very successfully within the last three years and the pace is only increasing. In the remainder of 2021, it will continue growing its business on multiple fronts: it will grow client volumes and help its clients implement open banking in key markets in the UK and Europe, Latam, and MENA; it will extend the platform to support the newest standards versions and deliver Ozone Financial Technology Ltd May21539 value-adding functionality; and it will continue to grow the team and build a great culture. Beyond 2021, Ozone is aiming to continue building to ensure it is playing in the key markets, enabling the right partners, serving customers well and growing and strengthening the team. As open banking moves beyond compliance, it will lead the delivery of value-adding premium API functionality to help its clients maximise the opportunity of open banking. And as open banking extends to open finance and beyond, it will support new API providers to enter this world of standards-based open APIs. Company: Ozone Financial Technology Ltd Contact: Huw Davies Email: [email protected] Website: