Ozone API partners with Thistle Initiatives for PSD3 compliance readiness

Today, Ozone API, a renown global open banking leader, joined forces with Thistle Initiatives, the award-winning compliance consultancy, in a strategic partnership. This alliance aims to aid financial institutions in achieving open banking compliance in preparation for the impending Third Payment Services Directive (PSD3). Amid continuing reviews by the European Parliament and Council of the EU, specifics of what PSD3 entails are yet to be confirmed.

Despite the unfolding details, PSD3 is projected to implement governance relating to customer consent. This includes requirements for Account Servicing Payment Service Providers (ASPSPs) to maintain consent management dashboards - an area that Ozone API successfully supports. By working with Thistle Initiatives, Ozone API intends to ensure a smooth transition towards PSD3 compliance for all financial institutions. This will be irrespective of new regulatory requirements and API standards.

Furthermore, PSD3 is set to supersede PSD2 as it manifests as a regulation with binding legal force, as opposed to a mere directive. The aim for PSD3 is to bolster consistency of approach across Europe. As a corollary, banks aligned with the Second Payment Services Directive will still need to undertake significant tasks to ensure adherence to the new regulatory framework.

With the API platform of Ozone powering the open APIs of banks globally, and supporting all significant global Open Banking standards, it is excellently positioned for PSD3. On the other side of the partnership, Thistle offers unparalleled regulatory consultancy advice to firms seeking to expand their businesses into the payment services and e-money sector. Their guidance in navigating the open banking space has proven instrumental. As such, both companies have complementary skill sets that set a benchmark in global Open Banking compliance.

James Bushby, General Manager UK, Europe and APAC, Ozone API, expressed elation about the partnership, emphasising Thistle's deep understanding of the regulatory landscape. He remarked, "We look forward to collaborating with them to support financial institutions within the UK and across Europe with implementing scalable Open Banking solutions that open new revenue streams and facilitate sustainable growth, in compliance with PSD3."

Lorraine Mouat, Head of Payment Services at Thistle Initiatives, highlighted Ozone API's pivotal role in the development of global standards and its popularity among numerous financial institutions and Central Banks for their Open Banking implementations. She added, "Through our strategic partnership, banks can accelerate their compliance with PSD3, allowing them to capitalise on commercial opportunities sooner than anticipated."

Both Ozone API and Thistle Initiatives aim to optimise their partnership by announcing a webinar series in the second quarter. This is perceived as a step towards empowering banks and financial institutions to adapt and thrive in the ever-changing world of open data.