London, UK, 15th September 2020: Open banking leader Yapily has today announced a strategic partnership with Ozone API, the leading API standards-based platform, to enable banks and financial institutions to accelerate their adoption of open banking.
Covid-19 has forced the banking sector to embrace open banking wholeheartedly. Until now, the rationale behind open banking adoption for many banks had been motivated by compliance. But with the exponential uptake in digital payments brought about by the pandemic, many are now looking to ramp up open banking adoption in a bid to retain customers and launch new, profitable financial products and services to market.
Through this partnership, Yapily and Ozone API will provide banks with the infrastructure to play on both sides of the open banking ecosystem. Delivering high performing standard-based APIs to provide a platform for developers and access to the leading technical enterprise connectivity platform in Europe to power their own propositions. This will enable banks and financial institutions to build and launch financial products customers want to use, while ensuring they are utilising the highest quality performing APIs.
By joining forces, the fintechs have created an ecosystem that enables banks to monetise open banking; one where they can build services that will retain customers and generate new revenue streams. And crucially helps them differentiate themselves from bigger players and stave off competition from neo and challenger banks.
The partnership aims to expose a better API world that banks, financial institutions and third party providers can connect to, enabling them to ramp and scale as we enter a post-Covid world.
Huw Davies, Co-founder and Chief Commercial Officer at Ozone API commented: “Banks are looking to go way 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. By partnering with Yapily, we can combine the best standards based API platform with the best platform to power financial applications.”
Matt Cockayne, CCO at Yapily commented: “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 powerful open banking solution to financial institutions. We look forward to working with Ozone API.”
About Yapily: Yapily is an enterprise connectivity platform, enabling companies to seamlessly access users’ financial data. Powering a new era of financial services, Yapily empowers people around the world to receive faster, affordable and personalised products. The company has raised $18m funding to date, and over the last six months monthly recurring revenue has grown over 500%.
About Ozone API: We founded Ozone as we saw how difficult, expensive and time consuming banks were finding it to deliver good, standards based open APIs. In fact, we started on this journey by building the sandbox and reference implementation for the UK Open Banking Implementation Entity (OBIE). Essentially, the model example of how to build to the standard. From there, we created a platform that helps banks and financial institutions deliver great, standards based open APIs that handle the complexity of open banking and open finance. Open banking is a global phenomenon which is set to change the financial services landscape fundamentally and we’re now working globally to achieve our mission to accelerate open banking.