Ozone API and Thistle Initiatives help banks prepare for PSD3

By Gloria Methri

Ozone API, the global open banking specialist, and Thistle Initiatives, the compliance consultancy, have partnered to help financial institutions prepare for the impending Third Payment Services Directive (PSD3) and quickly achieve open banking compliance.

Working with Thistle Initiatives, Ozone API will ensure a smooth transition to PSD3 compliance for any financial institution, with guaranteed updates to new regulatory requirements and API standards.

PSD3 will go beyond PSD2 in that it will be a regulation with binding legal force, as opposed to merely a directive, with the aim of increasing consistency of approach across Europe. This means that banks compliant with the Second Payment Services Directive will still have significant activity to undertake to ensure compliance with the new regulatory framework.

Ozone API’s platform is powering the open APIs of banks around the world and supports all major global Open Banking standards.

The Thistle team specializes in providing regulatory consultancy advice and guidance to firms looking to expand their business into the payment services and e-money sector, including the open banking space. Together, the two organisations aim to guide financial institutions through the complexity of delivering and maintaining open banking regulatory compliance.

James Bushby, General Manager UK, Europe and APAC, Ozone API, said, “We are delighted to have formalised our collaboration with Thistle Initiatives. The Thistle team has a deep understanding of the relevant regulatory landscape, and we look forward to collaborating with them to support financial institutions within the UK and across Europe by 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, added, “Ozone API stands out as a leader in Open Banking, playing a pivotal role in global standards development and being chosen by numerous financial institutions and Central Banks for their Open Banking implementations. Through our strategic partnership, banks can accelerate their compliance with PSD3, allowing them to capitalise on commercial opportunities sooner than anticipated.”