Is Open Banking a Failure?
The FCA has published its Open Finance Roadmap with specific milestones, credible use cases, and an honest acknowledgement that the UK is catching up, not leading. We break down what the plan gets right, where the real risks are, and what regulators worldwide should take from it.
At FDX Global Summit 2026, one theme dominated: banks are already moving on digital assets, but open finance doesn't support them yet. Ozone API's Co-Founder and CEO Chris Michael shares what it will take to close that gap, from solvable technical challenges to the case for global standards over market-by-market patchwork.
In September 2024, I published Global Interoperability, making the case that open finance would only deliver on its promise if the underlying plumbing was standardised globally, not just market by market. Eighteen months later, the landscape has changed considerably. More markets. More data. More urgency. Three arguments from that piece have aged particularly well, and...