Ozone API has come up with a wide array of services with which banks can move ahead of compliance and change their APIs into exclusive decision-making and revenue-generating platforms. The revamping of the open API of the company allows banks and financial organisations to fall in with PSD2. Overhauling of the API also offers ways to build new open banking and open finance revenue channels. The organization can offer to deliver services like Confirmation of Payee (CoP) and Variable Recurring Payments (VRPs) with the API platform.
First proposed in the UK standard in 2021, VRPs are more or less, a new inclusion to the open banking standards. Consumers to make countless automated payments on set parameters, VRP allows them for making varied sorts of payments. The improved API platform of Ozone comes with tools that banks will require to use VRP APIs and make it a revenue-generating asset.
Chris Michael, CEO and Co-Founder, Ozone API, stated, “The market is evolving beyond simple compliance. With Variable Recurring Payments launching in the UK, the moment has arrived where Open Banking starts to become commercial.”
Open finance is all set to become the next big thing in banking as The Central Bank of Brazil come up with open finance regulation, the first-ever in the country. Ozone API is spectacular and trims the compositeness of open finance and minimizes the charges of owning and management.
Huw Davies, Co-Founder and Chief Commercial Officer, Ozone API added, “Since PSD2, banks have faced a serious challenge in implementing open API technology. We enable banks to meet this challenge and overcome the complexity of building open banking services that comply with standards. The next step is to help banks move beyond compliance and use open banking technology to create commercial channels. The Ozone API solves the headaches of complying with PSD2 and enables banks and financial institutions to build new revenue streams in the era of open banking and finance.”