Ozone API, the model bank provider for Open Banking Ltd (OBL), has delivered an updated UK Open Banking model bank.
The company has enhanced the model bank to align with the latest Version 4.0 UK Open Banking Standards. This update makes Ozone API the first to deliver fully compliant APIs, aiming to simplify the transition process for both financial institutions and third-party providers (TPPs) in the UK.
Huw Davies, CEO of Ozone API, remarked: “We’re delighted to confirm that we’re the first provider to launch a platform that reflects v4.0 of the Open Banking Standards for Open Banking Limited. We’re excited to work with our partners to support fast and high-quality API changes, ahead of the first legislative deadlines coming into force later this year.
“Ensuring a smooth transition to the updated standards is critical for banking players who want to stay at the forefront of open banking industry changes into 2025 and beyond. We are extremely proud that our market-leading platform is ready to support our customers and partners as they transition to v4.0”
The Open Banking Standards version 4.0 (OBLv4) was introduced by OBL in early July. This update brings mandatory changes for the UK’s CMA9 banks, with some deadlines as soon as 31 December 2024.
Additionally, the implementation of ISO 20022 is required by financial institutions by 31 March 2025, coinciding with the Bank of England‘s mandatory updates to its payment regulations. These changes are largely driven by the phasing out of key security standards, like FAPI 1 Implementers Draft 2.
Although the UK Open Banking standard was originally mandated only for CMA9 banks, it has since become the default standard for the UK market. However, many UK banks are still operating on outdated versions.
“I’m pleased that we’re able to support the entire UK financial ecosystem to start their OBLv4 journey by providing the OBL’s model bank,” Davies added.
“Our founding team were closely involved during their time working with the Open Banking Implementation Entity in the development of the UK Open Banking Standards, and we remain committed to enabling UK banks to make the most of open banking now and into the future.”
As a key testing platform, the OBL model bank allows banks and financial institutions to experiment with and refine their API implementations in a secure environment. It serves as an essential resource for developing and testing APIs in alignment with the new OBLv4 standards.
Henk Van Hulle, CEO of Open Banking Ltd, commented: “Open Banking Limited is not only committed to maintaining the open banking standard, but also supporting the ecosystem by helping participants with their journey to version 4. This includes upgrading the model bank to v4 to provide as much support and coverage to participants as possible including the FCS, Standards and technical guidance.”
Earlier this year, Davies explored how Open Banking is having a transformative impact in markets that have typically been underserved and forecasted its potentially limitless future.
