Work with Ozone API to be ready for CFPB Section 1033
Regulated open banking is coming to the United States. The CFPB's final ruling on Section 1033 of the Dodd-Frank Act will be released in the fall, marking the beginning of true open banking in the US. Banks and financial institutions will be required to support the sharing of financial data in entirely new ways.
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.
If you're uncertain about what the regulation entails or what you have to do to become compliant, we're here to help.
What does it all mean?
In 2023, the U.S. Consumer Financial Protection Bureau proposed rules to implement Section 1033 of the Consumer Financial Protection Act, more commonly referred to as the Dodd-Frank Act. This Section provides the basis for the establishment of Personal Financial Data Rights, marking the beginning of regulated open banking in the United States. It will mandate U.S. banks, financial institutions, fintechs and data aggregators to provide:
Consumer Control
Provide consumers the ability to share their financial data with whomever they choose.Security Measures
Use secure APIs and robust data protection protocols in place of insecure legacy methods.Common Standards
Establish a qualified industry standard for those APIs and mandates adoption.Transparency & Consent
Ensure that consumers have full knowledge and control over how their financial data is shared.Who are Ozone API and what do we do?
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.
The benefits of working with Ozone API
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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.
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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.
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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.
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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.
Need to talk it through?
Speak to our General Manger for North America, Eyal Sivan, for free expert advice.
Resources
The Essential Guide to CFPB Section 1033
This essential guide covers key areas of the 1033 ruling, types of data covered, compliance requirements, when the proposed rule comes into effect, challenges banks and fintechs may face and how to prepare.
Mr. Open Banking with John Pitts
In this episode of the open baking podcast, Eyal Sivan sits down with John Pitts, Global Head of Policy at Plaid. Tune in to hear John's thoughts about a new era of open banking in the U.S., how the regulation will take the region to the next level, and what’s to come for open banking in the United States.
Masterclass: Section 1033 & Open Banking Opportunities
We partnered with Altitude Consulting and FDX for a Section 1033 webinar. In our Masterclass you'll learn:
- The requirements of CFPB's Section 1033
- Impact for US-based Financial Institutions
- Monetization Strategies
- Practical Options and Next Steps
Stay in the loop
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