Ozone API, a UK-based FinTech specialising in open banking technology, has partnered with ProductCloud, an Australian platform designed to streamline financial product information management.
This collaboration is set to simplify compliance with Australia’s Consumer Data Right (CDR) regulations, providing a rapid and cost-effective solution for financial institutions and non-bank lenders.
The partnership comes at a critical time, following recent updates to the CDR framework by the Australian Government. These changes aim to enhance consumer data-sharing capabilities while reducing compliance complexities for accredited financial institutions.
Ozone API’s platform supports a wide range of global standards and enables banks and financial institutions to deliver compliant APIs that drive commercial value. ProductCloud, established in 2020, has become a leader in cloud-based solutions for mastering financial institution product information. Its platform ensures compliance with CDR standards, Design and Distribution Obligations (DDO), and other regulatory requirements.
ProductCloud CEO Mark Evans highlighted the importance of the collaboration, stating, “Since launching ProductCloud back when CDR kicked off, we had our sights on being the go-to Product Information Management and CDR Compliance platform for Financial Institution Product Managers. Partnering with Ozone API is an exciting development because they have also been a pioneer in Open Finance. Collaborating with our respective SaaS platforms and out-of-the-box APIs will provide a unique offering for rapid and cost-effective open banking compliance.”
Huw Davies, Co-founder and CEO of Ozone API, expressed similar enthusiasm, saying, “Our platform is already helping banks and financial institutions around the world to deliver standards compliant with open banking APIs, including in line with the CDR standard. We’re really excited to combine our global expertise in open finance with ProductCloud’s innovative product management platform. Together, our solutions remove the complexity of achieving and maintaining CDR compliance, allowing organisations to focus on their core business.”
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