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, fintech, 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 and 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.”
By: Kanto Okanta
