NEW
YORK, March 18, 2025 /PRNewswire/
-- Bespin Global, an award-winning consulting firm
specializing in financial services data & AI solutions for
Google, Amazon, and Microsoft cloud platforms, today announced a
strategic partnership with Altitude Consulting, North America's foremost advisory firm on
Open Banking and Dodd-Frank 1033 compliance. This
collaboration aims to empower U.S. banks to seamlessly prepare for
and implement open banking initiatives, starting with an innovative
quickstart service—"1033 in 33 Days."
The partnership comes at a crucial time as U.S. banks with
assets ranging from $10 billion to
$250 billion face a looming
2027 deadline to comply with Section 1033 of the
Dodd-Frank Act. This regulation mandates that financial
institutions provide consumers with access to their financial data
in a secure and standardized way, paving the path for Open
Banking in the U.S.
What Is Open Banking?
Open Banking enables consumers to securely share their financial
data with third-party applications and services through API
integrations. This fosters innovation, transparency, and
competition in financial services. With Open Banking, consumers
gain more control over their finances—whether it's through
budgeting tools, enhanced loan options, or personalized investment
advice. Financial institutions gain added benefits that include
secure transmission of consumer data, transparency into the uses of
that data, and control of the third parties that receive
access.
For example, integrations with open banking platforms like
Finicity and Ozone API allow banks to offer customers
a more seamless digital banking experience. Consumers can link
multiple accounts, analyze spending patterns, and access tailored
financial products—all from a single app.
"1033 in 33 Days" Quickstart Program
Designed to help banks rapidly align with CFPB's Section 1033
requirements, "1033 in 33 Days" offers a streamlined,
outcome-driven path to compliance and modernization:
- Comply – Achieve end-to-end Section 1033 compliance
across Compliance, Risk, Architecture,
Data, Product, and Customer Experience
(CX).
- Monetize – Leverage Open Banking to create new revenue
streams, such as premium data services and customer-centric
financial products.
- De-Risk – Receive a tailored, actionable and
future-proof roadmap that incorporates proven methodologies,
processes, and technologies to minimize compliance and operational
risks.
- Implementation Plan – Seamlessly transition from
strategy to execution with Bespin Global's Professional
Services team, delivering a full-scale data modernization
and Open Banking implementation.
Steven Zeller, Head of
Product Strategy at Bespin Global US, emphasized the transformative
potential of Open Banking:
"This partnership with Altitude Consulting allows us to
harness the latest in cloud, data, and AI technologies to not only
meet regulatory requirements but also open up entirely new revenue
streams for banks. Open Banking is about more than compliance—it's
about using data to create personalized, customer-centric
experiences that drive growth."
Reuben Piryatinsky, CEO of Altitude Consulting,
highlighted the importance of a holistic approach:
"Open Banking impacts every facet of a bank's operations—from
compliance and architecture to data strategy and customer
experience. With this partnership, we're helping banks craft
comprehensive technology strategies that ensure compliance while
positioning them for long-term success in a rapidly evolving
financial ecosystem."
Easing the Journey for Mid-Tier Banks
For mid-sized banks, navigating the complexities of Open Banking
can be daunting. That's where Bespin Global's deep
bench of skilled engineers and Altitude Consulting's decades
of banking technology expertise come into play. Together, they
offer a unique blend of technical execution and strategic advisory,
easing the compliance journey while unlocking new revenue
opportunities.
Consider a mid-tier bank that wants to offer customers a
personal finance management tool showing all of their external
accounts in one place. With Bespin Global managing the
backend integrations and Altitude Consulting overseeing
compliance and strategic alignment, the bank can rapidly roll out
this capability—providing customers with valuable insights into
their spending habits while opening new monetization avenues
through premium account services.
Unlocking Innovation and Opportunity
With Altitude Consulting's deep expertise in banking
technology and API strategies, combined with Bespin Global's
world-class team of cloud and data engineers, U.S. banks gain a
distinct competitive edge. This partnership empowers banks to
navigate the complexities of Open Banking while capitalizing on new
opportunities to enhance customer engagement, grow revenue, and
innovate in a rapidly shifting financial landscape.
About Bespin Global
Bespin Global has won AWS Global MSP of the Year (2023),
Google Cloud Expansion Partner of the Year (2023), and is a
Visionary in Gartner's Magic Quadrant for Public Cloud (2024). With
1,300 cloud engineers across ten countries, Bespin Global is a
leading provider of Professional Services, Managed Services, and
Data/AI Consulting. Specializing in public cloud implementations on
Amazon Web Services, Google Cloud Platform, and Microsoft Azure,
Bespin Global services enterprise and mid-market customers in
financial services, healthcare, manufacturing, and entertainment
through the phases of migration, modernization, data
transformation, and operations.
Learn more: www.bespinglobal.us
PR Contact: marketing@bespinglobal.com
About Altitude Consulting
Altitude Consulting is an open finance advisory and
implementation firm. Altitude helps financial institutions build
open finance capabilities and industry-leading products, and
differentiate through a structured approach and partnerships across
the industry. Altitude's team has extensive experience in C-Suite
advisory, compliance, payments, big data, Generative AI, product
development, and cloud technology. Altitude works collaboratively
with all stakeholders to support clients' objectives, deliver
measurable ROI, and gain a competitive edge.
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