Wednesday, June 19, 2024

EXCLUSIVE: 10x Banking and Ozone API join forces to help banks harness the power of open banking faster, reducing timelines from months to weeks

10x Banking (10x), the transformational cloud-native SaaS core banking platform, and Ozone API, the leading provider of compliant open banking API technology, have partnered to simplify the delivery of open banking APIs for banks globally.

By integrating the two platforms, banks can couple real-time banking capabilities with a fast and simple solution that handles the complexity of open banking. For banks currently managing open banking in-house, Ozone API can be used to reduce internal complexity and development resources. While launching open banking in new markets usually takes 12-18 months, Ozone API delivers compliance within weeks, enabling banks to go to market faster.

Globally, banks spend hundreds of millions of pounds every year on basic regulatory compliance. And open banking regulations, which differ by market, are constantly evolving, requiring deep expertise and extensive development. By utilizing 10x SuperCore and Ozone API, banks can also enable new models, such as embedded finance, to serve customers and distribute products in new ways.

Frederico Venturieri, VP and Global Head of GTM and Partnerships at 10x, commented, “As Open APIs become the key channel to deliver embedded finance, open banking becomes a critical component for banks which must go beyond merely complying with regulation. By combining SuperCore with Ozone API’s SaaS platform, it becomes much easier for banks to create commercial value and monetize open banking.”

Huw Davies, Co-Founder and CEO at Ozone API, commented, “As global specialists in open banking standards, our partnership with 10x makes it easier for banks to reduce complexity in their tech stack, allowing banks to comply with any global open banking standards, so they can focus on accelerating growth and value creation.”

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