Revised tool for US banks estimates expenses related to constructing API infrastructure with the aid of the Ozone API
In an exciting development for the financial sector, Ozone API has introduced a cost estimation tool named 'Build It Calculator'. This innovative tool is designed to help US banks understand the investment required for building API architectures in compliance with the Dodd-Frank Act's Section 1033 rulemaking.
The 'Build It Calculator' is a comprehensive tool that takes into account various inputs such as project duration, hosting costs, value of deposits, and staffing needs to estimate the cost of developing an in-house API infrastructure. It also includes estimated salary costs for internal staff, based on the proportion of time they would need to dedicate to the API build, deployment, and support.
One of the key features of the 'Build It Calculator' is its ability to factor in hidden long-term costs like annual maintenance, which can amount to half of the original implementation spend every year. This feature provides banks with a clearer picture of the resources and recurring costs associated with Open Banking compliance.
Eyal Sivan, the General Manager, North America at Ozone API, commented on the launch, saying, "The 'Build It Calculator' is a game-changer for US banks looking to comply with the Dodd-Frank Act's Section 1033 rulemaking. It offers a tailored estimate in a single call, helping banks plan initiatives that often scale to eight-figure investments."
Ozone API's global experience in delivering Open Banking platforms also plays a significant role in the 'Build It Calculator'. The tool leverages this experience to provide banks with a reliable and accurate cost estimate.
The 'Build It Calculator' is now live in the US, with plans to expand into additional markets globally, including the UK, MENA, LATAM, and APAC regions. For more information, banks can refer to Ozone API's official channels or product documentation.
Further reading is available on Ozone API working with cloud consultancy to enable US FIs to adopt Open Banking. It's important to note that the 'Build It Calculator' is a tool specifically designed for US banks to comply with the Dodd-Frank Act's Section 1033 rulemaking, which requires financial institutions to share consumer data with authorized third parties at the consumer's request, facilitating data access and transparency.
Ozone API is an Event Partner of Open Banking Expo USA, further underscoring their commitment to the Open Banking movement. For more information about partnering, exhibiting, or registering to attend Open Banking Expo USA, please visit their official website.
- The Build It Calculator, a tool by Ozone API, provides a comprehensive cost estimation for US banks to develop in-house API infrastructure, factoring in hidden long-term costs like annual maintenance.
- The Build It Calculator, designed for US banks to comply with the Dodd-Frank Act's Section 1033 rulemaking, leverages Ozone API's global experience in Open Banking to offer a reliable and accurate cost estimate.
- The Build It Calculator is a game-changer for US banks, helping them plan initiatives that often reach eight-figure investments, as stated by Eyal Sivan, General Manager, North America at Ozone API.
- Ozone API, as an Event Partner of Open Banking Expo USA, is further committed to the Open Banking movement, promoting transparency, innovation, and technology in the global finance business.
