Open Banking: Ozone API, Smart Data Foundry to Support Financial Innovation with Standards Library and Innovation Atlas

Ozone API and Smart Data Foundry have announced a partnership and the launch of two new products – the Standards Library and Innovation Atlas – which are designed to support and accelerate financial innovation in Open Banking.

The Standards Library helps financial institutions and innovators “understand the global landscape, making it quick and easy to assess the technical standards adopted by a geography or financial system.”

With ever-increasing complexity in the global open finance standards landscape, this tool is a must “to help banks, fintechs and regulators understand and compare the different standards around the world and accelerate innovation. Globally, there are now more than 20 different open finance standards.”

Open finance initiatives are “gaining momentum around the world and the Innovation Atlas provides an overview of what is happening where.”

The levels of financial inclusion, telecommunication challenges and banking and data privacy regulations “are all documented and explored in an easy to navigate map within the Innovation Atlas.”

Ongoing additions and updates “will be added to the Standards Library and Innovation Atlas on a quarterly basis, ensuring it is constantly updated to reflect the changing global landscape.”

Smart Data Foundry and Ozone API have “a shared and aligned purpose to inspire financial innovation.”

The opportunity “has never been greater to embrace Open Banking, Open Finance and ultimately Open Data to safely unlock the power of financial data on a global stage.”

The combination of Ozone API’s sandbox “with Smart Data Foundry’s aizle synthetic data engine creates the ideal innovation environment for regulators, financial institutions and Fintechs to test new ideas, build prototypes and rapidly bring new products to market.”

Synthetic data is information “that is generated artificially which contains the important and meaningful features of real-world data.” Critically, aizle does this “without requiring any real-world input data to generate its synthetic data sets, removing privacy and other data risks, making it an ideal building block for innovation.”

Commenting on the launch, Bryn Coulthard, Chief Product and Technology Officer at Smart Data Foundry said:

“We are delighted to partner with Ozone API to bring these two products to market, allowing for the acceleration of innovation in Open Banking, Open Finance and Open Data across the globe. Our strength in synthetic data, coupled with Ozone API’s sandbox creates the ideal environment for innovation.”

Huw Davies, Co-founder & Chief Commercial Officer at Ozone API, added:

“Today’s launch of the Standards Library and Innovation Atlas could not come at a better time as we see ever increasing complexity in the global standards landscape. We know, as we’re at the sharp end of helping banks and regulators around the world to deliver standards based open APIs. We’re delighted to partner with Smart Data Foundry to deliver these valuable tools to the market in order to help accelerate innovation.”

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