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Empowering Tide’s SMEs with Seamless Open Banking

Tide’s Objective: Tide aimed to fully comply with PSD2 open banking standards while enhancing secure, seamless services for SME customers.
The Challenge
  • Meeting PSD2 compliance while continuing to innovate for its growing SME customer base.
  • To support SMEs in securely sharing data with third-party providers.
  • Secure API integration that met PSD2 standards.
The Solution
  • Its standards-based API platform ensured PSD2 compliance and a secure, seamless experience for Tide’s SME customers.
  • It enables quick data sharing with approved third parties for services like tax accounting, credit checks, and financial management.
  • Ozone API created a solution tailored to Tide’s needs, establishing it as a leader in SME banking.
The Results
  • Tide met its PSD2 compliance requirements, navigating the complexities of open finance.
  • They significantly enhanced their platform.
  • Tide can now enable SMEs to securely access and share financial data with thirdparty providers.
  • Ensured compliance while driving growth and innovation.

Tide is at the forefront of revolutionising business banking for SMEs in the UK, providing over 600,000 small businesses with a digital business banking platform offering bank accounts, loans, accounting and invoicing tools which enable SMEs to save time and money and run their business better.  

When Tide partnered with Ozone API, they understood  that SMEs do much of their financial management within their cloud accounting and other platforms. So great APIs are critical and need to go beyond merely complying with PSD2 regulations.
 Ozone API’s expertise in open banking made us the perfect fit to help Tide go beyond mere compliance. Together, we created a secure and seamless API integration that enabled Tide’s customers to share their account and payment information instantly and securely with third-party providers. Tide’s customers were able to connect Tide accounts with the platforms which SME customers depend on to run their businesses, all while maintaining control of their financial data.

Tide’s journey with Ozone API began with a collaborative approach. As one of our first clients, we worked side by side to implement a bespoke solution tailored to their needs. Powered by Ozone API, Tide is consistently within the top performers in terms of API availability and performance which far outstrips the traditional banks, as independently assessed by API Metrics and Yapily dashboards.
The results speak for themselves. Tide has experienced considerable growth to win 10% of the UK SME business banking market. In 2023 Open Banking API calls grew by more than 50% compared to prior year. The majority of these calls were made to access critical financial services like tax and accounting integrations as well as credit verification, and personal financial management (PFM) tools. By choosing Ozone API, Tide not only met compliance deadlines but also positioned themselves to deliver more innovative solutions that their SME customers rely on daily.

It helps having the people who literally wrote the book on open banking on your side. Ozone API’s rich solution and team have been invaluable in our journey to PSD2 compliance, giving us a significant advantage in the open banking space.

Deane Barton
VP of Payments at Tide

Our shared commitment to innovation and excellence is key to this partnership, and together we have empowered small businesses to thrive.

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Ozone API in partnership with Smart Data Foundry

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