Huw Davies, co-founder and co-chief executive officer of Ozone API, reveals his pride at Ozone API’s work in Saudi Arabia, and explains why banks are beginning to realise the potential of premium APIs.
1. What development in the Open Banking space, in your opinion, should people be paying attention to?
It’s taken a while, but we’re now starting to see banks really grasp the potential of open APIs (at least, some banks). Whether that is exposing premium APIs that can drive new revenue streams, or APIs that enable embedded finance experiences to help banks ensure that their products are in the right place, at the right time, for their customers.
2. Do you have a key achievement in the Open Banking space from the past year you are able to share?
At Ozone API we’re proud of an awful lot over the last year. We’ve helped many banks around the world deliver their open APIs.
We’re also really proud of having shaped a next generation Open Banking standard in the Kingdom of Saudi Arabia. Some big things are happening in the Middle East – just watch this space.
3. Are there any areas where pace has been slower than expected?
Having been first out of the blocks and created a great blueprint for the world to build on, the UK has, unfortunately, been in a holding pattern for too long now. We have committees of committees discussing potential future models, all while other markets move more purposefully and decisively.
I think this is most keenly felt in the slow progress of Open Finance and a market-wide framework for variable recurring payments and other premium APIs.