Following this announcement, the company has successfully updated the model bank in order to support the rollout of the UK’s latest changes, known as Open Banking Standards v4.0. This initiative will allow Ozone API to deliver fully compliant APIs, facilitating the transition for financial institutions and third-party providers (TPPs) that are currently operating in the UK.
In addition, both financial institutions will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
The OBLv4 changes were announced by OBL in early July 2024, and they aim to introduce some mandatory updates to the UK’s CMA9 banks, with some required to be completed by as early as 31st of December 2024. At the same time, ISO 20022 is expected to be implemented by 31st of March 2025, alongside the Bank of England’s publication of mandatory updates to payment regulations. These changes have been driven by multiple significant factors, including the overall deprecation of key security standards such as FAPI 1 Implementers Draft 2.
While the UK Open Banking standard was initially mandated just for the CMA9 banks, currently it has become the de facto standard for the UK market. However, multiple UK banks and financial institutions remain on old versions of the standard.
The OBL model bank is set to serve as a critical testing ground for banks and FIs, allowing them to experiment with and refine their API implementations in a secure and controlled environment. At the same time, it will serve as a vital resource for banks, fintech companies, and other TPPs by delivering a safe place to develop and test their APIs in alignment with the new PBLv4 standards. It was also designed to help institutions in the process of complying with the regulatory changes.
Ozone API has also launched a comprehensive guide and a series of educational resources to accompany the new OBLv4 standards, which are aimed at helping banks navigate the changes efficiently and securely. The resources and guide provide actionable insights and best practices for enterprises of all sizes as well.
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