Today, award-winning cloud consultancy Bespin Global and global leader in open banking technology Ozone API announce a partnership to offer an end-to-end open banking solution to US financial institutions.  

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 standardized data formats.  

The partnership between Bespin Global US and Ozone API will enable seamless, end-to-end compliance for financial institutions with minimal operational burden, while also providing the tools necessary to move beyond compliance when they are ready.  

Bespin Global specializes 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. Ozone API empowers banks and financial institutions to adapt and thrive in the new world of open data, by providing all the technology necessary to quickly and easily publish open banking APIs and 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.  

The partnership between Bespin Global and Ozone API provides a fully managed path to a successful open banking rollout. Bespin Global will analyze the current state of data architecture and quality, modernize and/or migrate systems to cloud platforms as needed, and ensure that the required data is secure and accessible for third-party interfaces. Following this, Bespin Global will 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 two companies bridge the gap between the skills, expertise, and technology required to bring any financial institution up to speed with the open banking movement. Banks and financial institutions that adopt these standards early will not only meet compliance requirements but also gain a competitive advantage by positioning themselves to monetize open banking capabilities and to leverage the rich data sets that emerge. 

For the finance industry, Bespin Global brings not only deep, real-world expertise but also 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, considered the most advanced in the world, 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’s General Manager for North America, Eyal Sivan, has also just been appointed to the Board of the Financial Data Exchange (FDX), as Chair of the Small Data Provider Council, where he will help drive standard setting efforts at a critical time for US open banking.  

“In the 2010s, we saw a sea change in healthcare technology due to HIPAA regulations,” says 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, modernize 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.” 

“Ozone API offers the most flexible and powerful open banking platform on the market,” says Eyal Sivan, General Manager North America for Ozone API (known in the industry as “Mr. Open Banking”). “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.”