UK-based Ozone API has announced its partnership with Thistle Initiatives to allow FIs to implement PSD3 and achieve fast Open Banking compliance. Following this announcement, both Ozone API and Thistle Initiatives will focus on giving financial institutions the possibility to accelerate the manner in which they implement the Third Payment Services Directive (PSD3) and quickly and securely achieve Open Banking compliance.

More information on the partnership Throughout this initiative, the specific details of what the Third Payment Services Directive (PSD3) will entail are set to still be published as reviews in the European Parliament and Council of the EU continue. In addition, the regulation is expected to introduce governance relating to customer consent, including the process of requiring ASPSPs to maintain consent management dashboards, representing an area that Ozone API already supports. The companies will focus on meeting the needs, preferences, and demands of customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements of the industry.

At the same time, it is also likely to clarify the application of Strong Customer Authentication and include metrics for optimising the performance of Open Banking APIs, while also aiming to move the ecosystem towards improving Open Finance possibilities and accelerating its overall development. By working with Thistle Initiatives, Ozone API is set to ensure a smooth and secure transition to PSD3 compliance for any financial institution, while also providing guaranteed upgrades to new regulatory requirements and API standards. PSD3 will also go beyond PSD2, aiming to be a regulation with binding legal force, as opposed to merely a directive, with the aim of increasing consistency of approach across the region of Europe.

This will provide banks compliant with the Second Payment Services Directive with the possibility to have a significant activity to undertake and ensure compliance with the new regulatory framework. .