Open banking vendor Ozone API has agreed a strategic partnership with core banking provider, Tuum. The tie-up will enable Tuum’s customers to comply with open banking regulations and commercialise open finance globally. According to the companies, the collaboration marks a significant milestone for Tuum and Ozone API. Specifically, it combines Ozone API’s Open API platform with Tuum’s modular core banking solution, which is both cloud-native and based on microservices architecture. This integration will streamline end-to-end business processes by leveraging a pre-integrated ecosystem of best-in-class solutions.
Ozone API supports all major global open finance standards, offering over 400 standard APIs. It says it helps customers go beyond compliance and commercialise open banking anywhere in the world.
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Ozone API and Tuum aim to create a seamless and comprehensive ecosystem that empowers banks and financial institutions to thrive in the new world of open banking and open finance. They also claim it will drive innovation in new markets to the benefit of industry players, investors and consumers.
Industry disruption, an open, connected, and customer-focused financial ecosystem
James Bushby, General Manager for Europe and Global Partnership Lead at Ozone API, said: “Our collaboration with Tuum marks a new chapter for open banking and finance globally. Our combined strengths will enable financial institutions to tackle compliance challenges while harnessing the immense opportunities of open banking. Together we’re paving the way for industry disruption, elevated customer experiences, and a more open, connected, and customer-focused financial ecosystem.”
Jean Souto, VP Global Partnerships, Tuum, added: “At Tuum, we understand the need for banks to replace legacy systems quickly and safely, lowering maintenance costs and unlocking new possibilities. Our partnership with Ozone API directly addresses this need, integrating their Open API platform into our partner solutions. This powerful combination enables our clients to navigate open banking compliance while exploring new revenue streams, fostering innovation, and positioning themselves for success in an ever-changing ecosystem.”
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