News

Ozone API Launches ‘Beyond Compliance’ Open Banking Solutions

Structure

Ozone API, developer of the leading standards-based software for open banking and open finance, has launched a suite of solutions that enable banks to move beyond compliance and convert their APIs into more strategic and commercial channels. 

The enhancements to Ozone’s open API platform give banks and financial institutions the ability to comply with PSD2, create new open banking and open finance revenue streams and deliver services including Variable Recurring Payments (VRPs) and Confirmation of Payee (CoP). 

Ozone’s founding team led the creation of the UK open banking standard, and delivered the sandbox for the Open Banking Implementation Entity (OBIE). Ozone now powers open finance interfaces for more than 50 banks and financial institutions around the world, delivering high-performing, standards-compliant open APIs.  

Variable Recurring Payments (VRPs)

VRPs are a relatively new addition to the open banking standards, first introduced in the UK standard last year. They allow TPPs to grant a long lived consent to customers for repeating automated payments within defined parameters, enabling a much broader range of payments use cases.

The upgrade to Ozone’s platform provides banks with the tools needed to expose VRP APIs and monetise the opportunity. Ozone was the first to enable VRP when the standards were updated last year and powered the VRP Hackathon in partnership with Mastercard, Worldpay, Accenture and others; which showcased some truly innovative solutions from participants (see full list of winners here https://vrphackathon.com/).

The CMA has set a deadline of July 2022 for the UK’s 9 largest banks to implement VRPs for sweeping services and these banks are expected to launch their own commercial or premium VRP offerings imminently. 

Ozone’s market-leading Open API platform ensures all other institutions will not be left behind when the CMA9 banks introduce VRPs.

Chris Michael, CEO and Co-Founder of Ozone API, said: “The market is evolving beyond simple compliance. With Variable Recurring Payments launching in the UK, the moment has arrived where Open Banking starts to become commercial.”

Simplified Strong Customer Authentication (SCA)

Ozone is also excited to launch the Ozone Authenticator. This is a mobile application which allows financial institutions to deliver a full authentication and consent management solution to satisfy regulatory and business requirements for Strong Customer Authentication (SCA) relating to open banking and open finance.

The Ozone authenticator can be delivered as a stand alone app or integrated into the financial institution’s existing mobile application.

Confirmation of Payee (CoP)

Ozone also offers an advanced solution to help banks protect their customers from fraud. 

Account-to-account payment fraud is a growing problem, with the latest figures showing that losses caused by authorised push payment (APP) fraud soared by 71% in the first half of 2021, which has now overtaken the amount stolen in card fraud.

As the risk of APP fraud intensifies, CoP is becoming a minimum requirement for banks. The Ozone CoP solution helps any banks deliver inbound and outbound CoP APIs, either standalone or as a simple bolt on to their open banking API solution.

Open finance

Open finance is now starting to become a reality around the world. The Central Bank of Brazil recently launched the country’s open finance regulation and it is only a matter of time until the UK does the same. Ozone enables all financial institutions to deliver high performing APIs that reduce the complexity of open finance and reduce the cost of ownership. Ozone has already seen great success in Brazil, powering open banking APIs for many of Brazil’s banks through its partnership with Tecban.

Huw Davies, Co-founder and Chief Commercial Officer at Ozone API, said: “Since PSD2, banks have faced a serious challenge in implementing open API technology. We enable banks to meet this challenge and overcome the complexity of building open banking services that comply with standards. The next step is to help banks move beyond compliance and use open banking technology to create commercial channels. The Ozone API solves the headaches of complying with PSD2 and enables banks and financial institutions to build new revenue streams in the era of open banking and finance.”

Whether you’re yet to deploy open banking APIs, or struggling to make a tactical solution deliver, we can help.
Ozone supports the widest number of standards across all major markets and can integrate with your existing technology to provide immediate and ongoing regulatory compliance, as well as the tools for commercial growth.

Contact us if you are interested in finding out more about our API solutions.

Recommended articles

Ozone API x Plaid cover image
News

Ozone API Joins Forces with Plaid to Accelerate Open Banking Across North America

Ozone API, a global leader in open banking technology, is proud to announce a new partnership with Plaid, a leading financial data network powering the digital financial tools that millions of people rely on every day. As part of this collaboration, Ozone API will join Plaid’s FDX enabled Gateway Partner Program, bringing its powerful open...

Ozone API
25, Jun 2025
New Smart Data Group Aims to Supercharge UK Economic Growth cover image
News

New Smart Data Group Aims to Supercharge UK Economic Growth

June 19 2025 marked a significant leap forward for the UK’s digital future, as policymakers, regulators, and industry leaders came together at Parliament to celebrate the launch of the Smart Data Group — a new, industry-led organisation designed to unlock an estimated £27.8 billion in economic value. The new group, chaired by former Smart Data...

Ozone API
20, Jun 2025
Clear.Bank and Ozone API logo
News

ClearBank Partners with Ozone API to Accelerate Open Banking Worldwide

Ozone API and ClearBank announce a strategic multinational partnership to deliver open banking APIs that meet the highest global standards. This collaboration supports ClearBank’s European expansion and empowers clients with scalable, future-proof open finance solutions.

Ozone API
13, May 2025