Temenos core banking customers can access “out of the box” compliance and beyond compliance tools from premium APIs and embedded finance. The Ozone API simplifies open banking by offering pre-built functionalities that adhere to global standards. More specifically,  it enables precise consent management, manages third parties throughout the process, and provides a seamless experience for developers and banks.

Martin Bailey, director of Innovation and Ecosystems at Temenos, said: “Temenos Exchange acts as an accelerator for fintechs and software developers, helping them develop, validate and monetize new banking solutions

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“Joining Temenos Exchange means Ozone API can write once and be readily available to the thousands of banks globally that run on our platform”, Bailey continued.

Ozone API is a leading provider of open API solutions for banks and financial institutions. In a previous interview for RBI, Ozone API co-founders Chris Michael, Huw Davies, and Freddi Gyara said that open banking will continue to be a big trend in the upcoming years, with open banking payments growth expected to rocket.

Open banking is becoming an increasingly popular service option among traditional banks, with NatWest leading the way for big banks in the adoption of variable recurring payments (VRPs) as of December last year.

Huw Davies, co-founder and chief commercial officer at Ozone API, also welcomed the new collaboration with Temenos Exchange.

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“We’re on a mission to help banks adapt to and thrive in the new world of open banking and remove complexity along the way. We’re really excited to join the Temenos Exchange and make it super simple for any Temenos bank to deliver great open banking APIs that comply with regulation and go beyond compliance”, Davies said.