Global partnership forms between Bespin and Altitude Consulting, aiming to debut '1033 in 33 Days' service
In the ever-evolving landscape of the US financial sector, the country's largest financial institutions are gearing up to comply with Open Banking rules by April 1, 2026, with smaller institutions given until April 1, 2030 to follow suit. This shift towards open banking is being facilitated by strategic partnerships, such as the one between financial services consulting firm Bespin Global and Altitude Consulting.
The partnership has launched a new program called '1033 in 33 Days', designed to help banks achieve end-to-end Section 1033 compliance and leverage Open Banking for new revenue streams. Reuben Piryatinsky, CEO of Altitude Consulting, has emphasized the partnership's role in helping banks craft comprehensive technology strategies.
According to Piryatinsky, Open Banking impacts every facet of a bank's operations, and these strategies ensure compliance while positioning banks for long-term success. The program is designed to cover compliance, risk, architecture, data, product, and customer experience aspects, with a focus on business transformation, not just compliance.
Altitude Consulting specializes in Open Banking and Dodd-Frank 1033 compliance, and the partnership will allow the use of cloud, data, and AI technologies to meet regulatory requirements and open up new revenue streams for banks. Steven Zeller, head of product strategy at Bespin Global US, stated that the partnership will enable banks to implement secure, scalable open banking platforms that prioritize genuine business value.
The '1033 in 33 Days' program offers processes and methodologies to minimize compliance and operational risks, providing a tailored, actionable, and future-proof roadmap for financial institutions. The program includes an implementation plan with Bespin Global's professional services team for data modernization and Open Banking implementation.
The key benefits for US banks implementing Open Banking and Section 1033 compliance, as exemplified by partnerships such as Bespin Global and Altitude Consulting, include enhanced customer control over financial data, secure and streamlined data sharing, new revenue opportunities through API monetization, and improved cross-selling and financial advisory capabilities.
The upcoming Open Banking Expo USA on June 26, 2025, in New York, offers an opportunity for those interested to learn more about Open Banking and its potential for consumer-centric innovations. Further reading on the topic is also available online.
[1] The Financial Brand [2] American Banker [3] Forbes [5] Banking Dive
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