Bespin Global partners with Altitude Consulting on open banking
Bespin Global, a South Korean cloud consulting firm, has partnered with Altitude Consulting, a New York-based open finance advisory firm, to support US banks with open banking adoption.
The collaboration will combine Bespin’s deep bench of cloud and data engineers with Altitude’s expertise in banking technology and API strategies to help US banks navigate the complexities of open banking and capitalize on opportunities to improve customer engagement, innovation, and revenue.
Bespin has more than 1,300 cloud engineering in ten countries specializing in public cloud implementations for AWS, Google Cloud, and Azure. Altitude has approximately eight employees providing consulting in open banking and open finance strategy and implementation.
Open banking allows consumers to securely share their financial data with third-party apps through API integrations. The initiative aims to foster innovation and competition in financial services while giving consumers more control over their finances.
US banks with assets of $10 billion to $250 billion are facing a 2027 deadline to comply with Section 1033 of the Dodd-Frank Act. The regulation, which paves the way for open banking, mandates that US financial institutions provide consumers with access to their financial data in a secure and standardized way.
Bespin and Altitude will work together to provide a “1033 in 33 Days” quickstart program to help clients rapidly align with the CFPB’s Section 1033 requirements.
The program will help US banks achieve end-to-end compliance, leverage open banking to create new revenue streams, create a roadmap to minimize compliance and operational risks, and create an implementation plan supported by Bespin’s professional services team.
“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," said Steven Zeller, head of product strategy at Bespin Global US.
Reuben Piryatinsky, CEO of Altitude Consulting, added, “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."
