Revolutionizing Open Banking Compliance in Australia: Ozone API and ProductCloud Join Forces
Ozone API, a prominent FinTech company in the UK specializing in open banking technology, has recently formed a strategic partnership with ProductCloud, an innovative Australian platform. This collaboration aims to enhance the management of financial product information and simplify compliance with Australia’s Consumer Data Right (CDR) regulations.
Streamlining Compliance for Financial Institutions
This partnership arrives at a pivotal moment, particularly in light of recent updates to the CDR framework introduced by the Australian Government. These updates are designed to:
- Improve consumer data-sharing capabilities
- Reduce compliance complexities for accredited financial institutions
Benefits of the Ozone API and ProductCloud Partnership
The integration of Ozone API’s platform, which supports a wide array of global standards, enables banks and financial institutions to implement compliant APIs effectively. This collaboration provides financial entities with a rapid and cost-efficient solution for:
- Delivering compliant APIs that drive commercial value
- Mastering financial institution product information management
ProductCloud’s Role in CDR Compliance
Established in 2020, ProductCloud has quickly emerged as a leader in cloud-based solutions for managing financial product information. Their platform ensures adherence to:
- CDR standards
- Design and Distribution Obligations (DDO)
- Other regulatory requirements
Insights from Leadership
Mark Evans, CEO of ProductCloud, emphasized the significance of this collaboration, stating, “Since launching ProductCloud back when CDR kicked off, we aimed to be the premier Product Information Management and CDR compliance platform for Financial Institution Product Managers. Partnering with Ozone API is an exciting development, as they are pioneers in Open Finance. Our combined SaaS platforms and APIs will create a unique offering for swift and cost-effective open banking compliance.”
Similarly, Huw Davies, Co-founder and CEO of Ozone API, expressed enthusiasm about the partnership, noting, “Our platform is already assisting banks and financial institutions globally in delivering standards-compliant open banking APIs that align with CDR standards. We are thrilled to merge our global expertise in open finance with ProductCloud’s innovative product management solutions. Together, we simplify the complexities of achieving and maintaining CDR compliance, enabling organizations to concentrate on their core business.”
For more information about Ozone API and their commitment to open banking, visit their official website. To learn more about ProductCloud’s offerings, check their website.
