The rationale behind open banking adoption for many banks had been motivated by compliance, but COVID-19 has forced the banking sector to embrace open banking following the exponential uptake in digital payments.
Yapily and Ozone API will provide banks with the infrastructure for both sides of the open banking ecosystem – delivering standard-based APIs to provide a platform for developers, as well as access to the leading technical enterprise connectivity platform in Europe to power their own propositions.
“Banks are looking to go beyond mere compliance and build value-adding propositions and services to do more for their customers, reach new customers and build new partnerships. This requires delivering great APIs of their own and building awesome propositions by leveraging access to other banks,” explains Huw Davies, Co-founder and Chief Commercial Officer at Ozone API.
“By partnering with Yapily, we can combine the best standards-based API platform with the best platform to power financial applications.”
“Bringing together a full open banking service for banks allows greater choice for new markets and market entrants. This partnership builds harmony between the creation and consumption of open banking APIs, bringing a powering open banking solution for financial institutions. We look forward to working with Ozone API,” added Matt Cockayne, Chief Commercial Officer at Yapily.