Updated Oil Depletion API Tool Aids American Banks in Estimating Infrastructure Construction Expenses for API Implementation
In the rapidly evolving landscape of financial technology, making informed decisions about infrastructure investments is crucial. That's where Ozone API's new tool, the 'Build It Calculator', comes into play. Designed specifically for banks, this calculator provides accurate data to aid in decisions about building their own infrastructure or partnering with others.
According to Eyal Sivan, General Manager, North America at Ozone API, building API architectures requires a significant investment. Recognising this, the 'Build It Calculator' is intended to help banks understand the scale of investment required for compliance with Section 1033 of the Dodd-Frank Act, which grants US consumers the right to access and share their financial data.
The calculator takes various inputs into account, such as project duration, hosting costs, the value of a bank's deposits, staffing needs, and annual maintenance costs. It also includes estimated salary costs for internal staff, calculated according to the proportion of time they would need to dedicate to the API build, deployment, and support.
The key factors considered by the 'Build It Calculator' for estimating the cost of building and maintaining API infrastructure for US banks in compliance with Section 1033 rulemaking likely include development costs, security and compliance costs, infrastructure costs, operational and maintenance costs, and risk and incident management. These are standard considerations in similar cost calculators used by financial institutions to meet regulatory API mandates.
Ozone API's tool has already been validated by US financial institutions and is now live in the US market. The company plans to expand the 'Build It Calculator' into additional global markets, including the UK, MENA, LATAM, and APAC regions.
Eyal Sivan highlighted the importance of banks being equipped with accurate data to make the best decisions regarding their investment in Open Banking compliance. He emphasised the benefits of Open Banking technology for financial institutions, businesses, and consumers. The cost estimation tool offers banks a clearer picture of what Open Banking compliance may require, both in terms of resources and recurring costs.
It's worth noting that the tool factors in hidden long-term costs, such as annual maintenance, which can amount to half of the original implementation spend every year. This feature ensures that banks have a comprehensive understanding of the total cost of ownership for their API infrastructure.
In conclusion, the 'Build It Calculator' is a valuable resource for US banks navigating the complex world of Open Banking compliance. By providing accurate and detailed cost estimates, the tool empowers banks to make informed decisions about their infrastructure investments, ultimately helping them to thrive in the digital age.
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