Ozone API, a global leader in open banking technology, announces today its strategic partnership with ProductCloud, a platform that streamlines product information management.
The new partnership will help Australian companies simply comply with the Consumer Data Right legislation, providing a technology platform which removes complexity and enables them to rapidly deliver open APIs aligned to the latest version of Australian Consumer Data Standard.
This comes as the Australian Government recently announced a series of changes to the Consumer Data Right (CDR), an opt-in service that empowers consumers to share their data securely, with full control and transparency over who it’s shared with and why. These latest updates simplify requirements for accredited banks when checking or seeking consumers’ data for providers. The CDR framework aims to serve consumers better, improving overall consumer experience.
With non-bank lenders now needing to comply with these regulations, Ozone API and ProductCloud offer a unique combined proposition enabling relevant organisations to meet open banking regulations; quickly and cost-effectively. Ozone API’s solution is already CDR-compliant.
The founding teams of both Ozone API and ProductCloud have a shared heritage, having both played formative roles in the development of standards. The Ozone API founding team led the design and development of the UK open banking standards, whilst the founding team of ProductCloud helped author the Australian Consumer Data Standards.
With ProductCloud, Ozone API is working alongside a trusted partner with a deep understanding of the open banking landscape in Australia. Sharing knowledge of their respective markets, both companies remain one step ahead of their competitors while providing the best-in-class experience for customers.
Huw Davies, Co-founder and CEO, Ozone API says, “Our platform is already helping banks and financial institutions around the world to deliver standards compliant with open banking APIs, including in line with the CDR standard. We’re really excited to combine our global expertise in open finance with ProductCloud’s innovative product management platform. Together, our solutions remove the complexity of achieving and maintaining CDR compliance, allowing organisations to focus on their core business.”
Mark Evans, Co-founder and CEO of ProductCloud said, "Since launching ProductCloud back when CDR kicked off, we had our sights on being the go-to Product Information Management and CDR Compliance platform for Financial Institution Product Managers. Partnering with Ozone API is an exciting development because they have also been a pioneer in Open Finance. Collaborating with our respective SaaS platforms and out-of-the-box APIs will provide a unique offering for rapid and cost-effective open banking compliance."