The specifics of what PSD3 will involve remain under review by the European Parliament and Council of the EU, with details yet to be published. The regulation is anticipated to enhance governance around customer consent, such as mandating ASPSPs to manage consent through dashboards – an area already supported by Ozone API. It is expected to refine the requirements for Strong Customer Authentication and improve the metrics for open banking API performance, aiming to advance the ecosystem towards a fully realised open finance framework. In partnership with Thistle Initiatives, Ozone API is prepared to assist any financial institution in navigating PSD3 compliance seamlessly, ensuring timely updates to regulatory demands and API standards.

PSD3 represents a significant evolution from PSD2, transitioning from a directive to a regulation with binding legal force across Europe, aimed at harmonising approaches. This means that even banks currently compliant with PSD2 will need to undertake substantial adjustments to align with this new regulatory landscape.

The partnership between Ozone API and Thistle Initiatives combines the expertise of two leaders in global Open Banking compliance, with highly complementary capabilities. The founders of Ozone API were instrumental in creating the UK's open banking framework and have significantly influenced the global ecosystem. Today, Ozone API’s platform powers the open APIs of banks worldwide and supports all major global Open Banking standards.

Thistle Initiatives excels in aiding companies to venture into the payment services and e-money sectors, including open banking, through top-tier regulatory consultancy and advice. Together, these organisations are exceptionally equipped to guide financial institutions through the complexities of achieving and maintaining compliance with open banking regulations.

James Bushby, General Manager UK, Europe and APAC, Ozone API, comments: “We're 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 with 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, adds: "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."