Open banking regulation has now been officially implemented in the United States. On October 22nd, 2024, the U.S. Consumer Financial Protection Bureau announced their final Personal Financial Data Rights rule, commonly known as Section 1033, impacting U.S. financial institutions and consumers—a major step forward for the open banking ecosystem.

The Ozone API platform helps bank and financial institutions to quickly and simply deliver standards compliant open APIs to meet regulatory obligations all around the world, including in the United States.

If you're uncertain about what the regulation entails or what you have to do to become compliant, we're here to help.

The founders of Ozone API helped create the open banking blueprint in the UK, leading the development of the UK open banking standard and driving the development of the ecosystem. Today the UK is home to one of the worlds most advanced open banking implementations. The founders saw the huge potential, but also the difficulties faced by banks in doing it well, so they created Ozone API. We know the standards space better than anyone and continue to shape the development of standards around the world.

The Ozone API platform is the most comprehensive open finance API platform available and is currently powering open banking for over 70 banks and financial institutions around the world.

We can help any bank or financial institution quickly and simply deliver standards compliant open APIs and meet your regulatory obligations, including the regulation due to be released under Section 1033 of the Dodd-Frank Act.

Cost efficiency and value: Building in-house requires substantial investment in development and maintenance. Ozone API provides a cost-effective, ready-to-deploy solution for quick launch and reliable readiness. Our Ozone API platform reduces the operational costs and complexity of developing and maintaining your own framework.
You stay in control: Developing in-house solutions diverts resources. Ozone API handles open banking complexities, letting you focus on strategic initiatives and customer engagement. With the Ozone API platform you get a proven open banking foundation, reducing development challenges and kickstarting your premium API strategy.
Innovation and future proofing: Keeping up with technology and regulations demands ongoing investment. Ozone API provides cutting-edge technology and regular updates to keep your solutions current and compliant. Our APIs are always updated with new regulations and standards, ensuring future compliance as new rules emerge.
Trust and experience: With extensive global experience, Ozone API is a trusted partner for achieving your open banking vision. Our proven track record ensures smooth, efficient implementation as we handle the complexities, ensuring seamless integration with minimal disruption based on extensive real-world expertise.

Ozone API's Support and Recommendations for the CFPB on the Personal Financial Data Rights Rule

The CFPB’s new Personal Financial Data Rights rule marks a historic step for U.S. open banking, empowering consumers with control over their data and enabling secure third-party access. At Ozone API, we fully support this direction and have shared our insights with the CFPB, recommending a standardized security framework, certification processes, and service initiation to strengthen the open finance ecosystem.

Fireside Chat: What's happening in Open Banking in the US?

Financial Data Exchange (FDX), a U.S. nonprofit, is dedicated to unifying the financial industry around a common standard and has been at the forefront of the market-driven approach to open banking in the U.S.

FDX has officially submitted the form to the CFPB to be declared the standard body to follow in the United States, and everyone is waiting to see when a standard body will be announced. We spoke to FDX Managing Director Don Cardinal to find out more.