Ozone API partners with Australia’s ProductCloud to accelerate CDR compliance

UK-based Open Finance fintech Ozone API has teamed up with ProductCloud in Australia to help companies comply more quickly and efficiently with the country’s Consumer Data Right (CDR) legislation.

ProductCloud is a platform that streamlines product information management.

The partnership will provide a technology platform enabling Australian companies to rapidly deliver open APIs aligned to the latest version of the Australian Consumer Data Standard.

It comes as the Australian Government announced a series of changes to CDR, including simplifying requirements for accredited banks when checking or seeking consumers’ data for providers.

Meanwhile, non-bank lenders are now also expected to comply with CDR.

The strategic partnership strengthens Ozone API’s existing presence in Australia.

Ozone API’s Huw Davies

Huw Davies, co-founder and chief executive officer of Ozone API, said: “Our platform is already helping banks and financial institutions around the world to deliver standards compliant with Open Banking APIs, including in line with the CDR standard.

“We’re really excited to combine our global expertise in Open Finance with ProductCloud’s innovative product management platform. Together, our solutions remove the complexity of achieving and maintaining CDR compliance, allowing organisations to focus on their core business.”

The Ozone API founding team led the design and development of the UK’s Open Banking standards, while ProductCloud’s founding team helped author the Australian Consumer Data Standards.

ProductCloud’s co-founder and chief executive officer Mark Evans added: “Since launching ProductCloud back when CDR kicked off, we had our sights on being the go-to product information management and CDR compliance platform for financial institution product managers.”

He called Ozone API a “pioneer” in Open Finance, adding that “collaborating with our respective SaaS platforms and out-of-the-box APIs will provide a unique offering for rapid and cost-effective Open Banking compliance”.

In August 2024, the Australian Government instigated a “reset” of CDR, citing the cost of implementation as an impediment to adoption.

Further reading: Open Banking, Open Finance and Open Data predictions for 2025