Report: Unleashing the potential of open banking

Open banking is now a global phenomenon and is starting to drive a major transformation in financial services.

At Ozone API, we’ve been leading the open banking charge from the very beginning with our founding team having led the development of the UK open banking standards and driven the ecosystem growth.

As such we were delighted to be asked by the Payments Association to help author this exciting new white paper, supported by a syndicate of sponsors including MasterCard, Refinitiv, Token and Chargebacks 911.

The report aims to be a ‘rallying cry’ to the payments industry, from issuers and regulators, retailers and acquirers, regulators and third-party providers to help unlock the significant opportunity that open banking offers.

Read the report: https://www.emergingpayments.org/article/unleashing-the-potential-of-open-banking/

Huw Davies, Chief Commercial Officer and Co-founder, Ozone Financial Technology, said:

“Open banking is now a global phenomenon and has the potential to dramatically transform the payments industry. It’s still early in the journey, and therefore the perfect moment to look at learnings from around the world. He added, “specifically, we should identify areas where we can accelerate the opportunity, increase value for payment users and create the foundations for interoperability and significant scale. It’s been a real privilege to help author this important white paper.”

Tony Craddock, Director General of the Emerging Payments Association, said:

“This report is a case study showing collaboration in action. And that’s at the heart of open banking. Readers across the world can use it as a guide, as a series of checklists, drawing on what works – and what can go wrong. It will help accelerate the adoption of a common approach and common standards, and as a result, help make payments work for all.”