Open banking enables secure, consent-based sharing of financial data between banks and authorised third-party providers through standardised APIs.
When a customer grants permission, their bank shares account data or initiates payments on their behalf with licensed apps and services: budgeting tools, mortgage brokers, accounting software, or payment platforms. The data never changes hands without explicit consent and can be revoked at any time.
Open banking originated in the UK, where the Competition and Markets Authority required the nine largest banks to open their data to third parties in 2018. The European Union followed with PSD2. Since then, similar frameworks have spread across the Americas, Asia-Pacific, the Middle East, and Africa, each built on the same core principles: consumer control, standardised APIs, and financial-grade security.
For banks, open banking is both a compliance requirement and a commercial opportunity. Meeting a regulatory deadline is the floor, not the ceiling. The same infrastructure that satisfies regulators can power new revenue streams through premium data and payment services.
Ozone API was built by the original architects of the UK open banking standard. We help banks and regulators get compliant, then go further.
