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Driving Innovation and Compliance with Open Banking Limited in UK

Open Banking Limited’s Objective: OBL aimed to implement PSD2 and UK Open Banking Standard for CMA9, ensuring compliance while fostering innovation, competition, and transparency.
The Challenge
  • PSD2 regulation required UK banks, especially CMA9, to adopt open banking standards.
  • OBL was responsible for overseeing the implementation of these standards.
  • OBL sought a partner to deliver a compliant, innovative, and scalable solution, and the partner needed expertise in regulations, technical skills, and ongoing support capabilities.
  • Continuous updates and improvements to the standards were essential.
The Solution

OBL chose Ozone API as their strategic partner for open banking implementation, because:

  • We co-created UK open banking standards with deep technical and regulatory expertise.
  • We have a robust, flexible platform supporting CMA9 compliance and innovation.
  • There’s a shared vision to advance the UK’s open banking agenda.
  • We provide testing sandboxes and conformance tools for CMA9 banks.
  • We’ve delivered 10+ UK Open Banking Standard versions, consistently leading with updates.
The Results
  • The OBL-Ozone API partnership enabled successful implementation and evolution of the UK Open Banking Standard.
  • Ozone API’s innovation and excellence helped OBL meet CMA Order objectives while promoting competition and transparency in UK retail banking.
  • The partnership remains strong, with Ozone API set to implement Version 4 of the UK Open Banking Standard.

Open Banking Limited (OBL), formerly known as the Open Banking Implementation Entity (OBIE), was established by the UK’s Competition and Markets Authority (CMA) to implement the CMA Order, a directive aimed at driving competition, fostering innovation, and enhancing transparency within the UK retail banking sector. OBL plays a pivotal role in developing the UK Open Banking Standard and providing the essential infrastructure that underpins the daily operation of Open Banking in the UK. 

Ozone API’s deep expertise and passion for innovation and excellence made us the ideal partner to bring this vision to life by powering the OBL model bank.  The OBL model bank provides a critical testing ground for banks and financial institutions, enabling them to experiment with and refine their API implementations in a controlled and secure environment. It serves as a vital resource for banks, fintechs, and other TPPs by providing a safe space to develop and test their APIs in alignment with the latest standard.

More than just a technology provider, we helped OBL to implement over 10 versions of the UK Open Banking Standard to ensure that the ecosystem remained compliant, flexible, and forward-thinking. Our expertise allowed OBL to stay ahead of regulatory changes and market demands, enabling them to deliver an evolving, high-performance ecosystem for the UK’s banks and fintech companies.

We are extremely proud of our well established partnership with OBL. Together we’ve built a robust infrastructure that supports the everyday running of Open Banking in the UK. By combining our passion for innovation with OBL’s strategic vision, we’ve helped create an open banking ecosystem that drives competition, delivers transparency, and fuels innovation across the financial sector.

 

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 4.0. This includes upgrading the model bank to v4.0 to provide as much support and coverage to participants as possible, including the FCS, standards and technical guidance.

Henk Van Hulle
chief executive officer of Open Banking Ltd

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