CRIF and Ozone API , a provider of Open Banking API solutions, have announced their partnership to support financial institutions in securely exposing their data. This partnership seeks to transform the financial industry by merging CRIF’s credit information and decision support systems with Ozone API’s extensive Open Banking expertise and secure, standards-compliant technology.

The collaboration assists financial institutions The international collaboration between CRIF and Ozone API is dedicated to assisting financial institutions in securely sharing their data while developing an array of financial solutions to meet their changing requirements. Key goals include improving data-driven decision-making, optimising banking operations, and greatly increasing customer satisfaction. This partnership seeks to use the strengths of both companies to deliver value to clients, fostering growth within the financial sector.

Financial institutions will gain access to integrated solutions that increase decision-making, streamline operations, and elevate the customer experience. End users will have personalised banking services, improved access to credit information, and financial products designed to meet their specific needs. The collaboration between CRIF and Ozone API will guarantee the provision of dependable, and secure banking services.

Framework for financial data access The European Union has introduced a new framework aimed at ensuring secure and open access to customer data across a broader spectrum of financial services. This framework prioritises consumers' interests, competition, security, and trust. With the rise of digital technologies, new providers have emerged in the payment services market, particularly offering 'open banking' solutions.

While broader 'Open Finance' options in areas beyond payments are also evolving, their progress has been slower due to the absence of clear regulations. Importantly, these solutions may not always be efficient or secure, as they involve data users accessing information through interfaces established by data holders for their customers, much like the delivery of 'open banking' services before the revised Payment Services Directive. Considering these market changes, the proposed framework aims to ensure that the EU's financial sector is well-equipped and responsive to digital transformation, addressing both the risks and opportunities it presents, especially for consumers.

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