Ozone API and Thistle Initiatives to help banks get ahead of PSD3.
Today, Ozone API, the global open banking leader, and Thistle Initiatives, the award-winning compliance consultancy, announce a strategic partnership to help financial institutions get ahead of impending Third Payment Services Directive (PSD3) and quickly achieve open banking compliance.
The specific details of what PSD3 will entail are still to be published as reviews in the European Parliament and Council of the EU continue. However, the regulation is expected to introduce governance relating to customer consent, such as requiring ASPSPs to maintain consent management dashboards, an area that Ozone API already supports. It is also likely to clarify the application of Strong Customer Authentication and include metrics for improving the performance of open banking APIs - all with the aim of moving the ecosystem towards true open finance. Working with Thistle Initiatives, Ozone API will ensure a smooth transition to PSD3 compliance for any financial institution, with guaranteed updates to new regulatory requirements and API standards.
PSD3 will go beyond PSD2 in that it will be a regulation with binding legal force, as opposed to merely a directive, with the aim of increasing consistency of approach across Europe. This means that banks compliant with the Second Payment Services Directive will still have significant activity to undertake to ensure compliance with the new regulatory framework.
The partnership brings together two industry specialists in global Open Banking compliance, with highly complementary skill sets.
The three founders of Ozone API helped create the open banking blueprint in the UK - leading the development of the UK open banking standard and driving the development of the ecosystem. Now, Ozone API’s platform is powering the open APIs of banks around the world and it supports all major global Open Banking standards.
The Thistle team are specialists in helping firms looking to expand their business into the payment services and e-money sector, including the open banking space via industry-leading regulatory consultancy advice and guidance. Together, the two organisations are well positioned to guide financial institutions through the complexity of delivering and maintaining open banking regulatory compliance.
James Bushby, General Manager UK, Europe and APAC, Ozone API, comments: “We're delighted to have formalised our collaboration with Thistle Initiatives. The Thistle team has a deep understanding of the relevant regulatory landscape, and we look forward to collaborating with them to support financial institutions within the UK and across Europe with implementing scalable Open Banking solutions that open new revenue streams and facilitate sustainable growth, in compliance with PSD3.”
Lorraine Mouat, Head of Payment Services at Thistle Initiatives, adds: "Ozone API stands out as a leader in Open Banking, playing a pivotal role in global standards development and being chosen by numerous financial institutions and Central Banks for their Open Banking implementations. Through our strategic partnership, banks can accelerate their compliance with PSD3, allowing them to capitalise on commercial opportunities sooner than anticipated."
Ozone API and Thistle Initiatives intend to celebrate and maximise their partnership by announcing a webinar series in Q2.
