Founding fathers of UK’s open banking standards launch Ozone Open Finance Hub to support challenger banks and EMIs

Share this post

Ozone, developer of the leading standards-based software for open banking, has launched a specialist platform to help financial institutions (FIs), challenger banks, neo banks and e-money institutions (EMIs) handle the growing complexity of open banking and open finance.

Ozone’s API software already helps financial institutions deliver open APIs that are fully compliant with the OpenID Foundation’s FAPI and CIBA profiles and offers full support for major global standards, including UK Open Banking, Berlin Group and FDX, as well as a growing number of emerging open banking standards around the world, such as in Brazil, Mexico, Bahrain and many others. 

The Ozone Open Finance Hub is a fully managed platform, based on the Ozone API software and hosted in the cloud, which provides all the tools needed to manage Third Party Providers (TPPs) and handle fine-grained consent, meeting the highest possible security standards, offering a great customer experience and enabling the delivery of the widest possible range of regulatory and commercial use cases. 

The Hub is also designed to deliver a great developer experience through a fully transactional sandbox and smart testing tools, enabling FIs and EMIs to develop new applications quickly and reduce the ongoing cost of ownership.

Chris Michael, CEO of Ozone, said: “We are thrilled to be able to offer such a critical industry resource to challenger banks, neo banks, small to medium-sized FIs and EMIs at a time when the FCA and EBA have made clear their expectations. Delivering open banking APIs is a complex and specialist area, and the Ozone team have leveraged their deep expertise to develop a platform that takes away that complexity.”

Some financial institutions previously saw APIs as a compliance headache and expressed concern that there wouldn’t be sufficient numbers of third parties wanting to connect. Ozone expects this dynamic to change as regulators start to take a closer look at PSD2 compliance across the wider industry. 

With the UK’s Financial Conduct Authority (FCA) signalling their intent to mandate APIs for open banking, and with both the FCA and the European Banking Authority (EBA) looking to extend the framework to open finance, it is expected that financial institutions of all sizes will soon need to have a fully standards-compliant open API. 

Chris said: “Open APIs are an important strategic channel to market for financial institutions of all sizes. They provide a lower-cost route to serve more customers in more flexible ways via the platforms they want to use. And we are here to serve and resource the open banking community.”

Sarah Holt, Head of Commercial Partnerships, Monese, said, At Monese, our mission is to provide access to fair, flexible financial services and support. Partnering with a specialist like Ozone is accelerating our open banking programme. This unlocks many new possibilities to provide a seamless customer experience and helps us deliver on our mission.’’  

Ozone’s pioneering standards-based API software and the Ozone Open Finance Hub have been developed by the founding fathers of the UK open banking standard – the team that led the development of and wrote this standard for the UK’s Open Banking Implementation Entity (OBIE). Ozone also provides the official sandbox for OBIE and helps banks and FIs of all sizes around the world deliver high-performing, standards-based open APIs, enabling them to meet both regulatory and commercial requirements.

Deane Barton, VP of Payments at Tide, said: “It helps having the people who literally wrote the book on open banking on your side. Ozone’s rich solution and team have been invaluable in our journey to PSD2 compliance, giving us a significant advantage in the open banking space.”

More To Explore


Are you a member of The Payments Association?

Member benefits include free tickets, discounts to more tickets, elevated brand visibility and more. Sign in to book tickets and find out more.


Log in to access complimentary passes or discounts and access exclusive content as part of your membership. An auto-login link will be sent directly to your email.

Having trouble signing?

We use an auto-login link to ensure optimum security for your members hub. Simply enter your professional work e-mail address into the input area and you’ll receive a link to directly access your account.

First things first

Have you set up your Member account yet? If not, click here to do so.

Still not receiving your auto-login link?

Instead of using passwords, we e-mail you a link to log in to the site. This allows us to automatically verify you and apply member benefits based on your e-mail domain name.

Please click the button below which relates to the issue you’re having.

I didn't receive an e-mail

Tip: Check your spam

Sometimes our e-mails end up in spam. Make sure to check your spam folder for e-mails from The Payments Association

Tip: Check “other” tabs

Most modern e-mail clients now separate e-mails into different tabs. For example, Outlook has an “Other” tab, and Gmail has tabs for different types of e-mails, such as promotional.

Tip: Click the link within 60 minutes

For security reasons the link will expire after 60 minutes. Try submitting the login form again and wait a few seconds for the e-mail to arrive.

Tip: Only click once

The link will only work one time – once it’s been clicked, the link won’t log you in again. Instead, you’ll need to go back to the login screen and generate a new link.

Tip: Delete old login e-mails

Make sure you’re clicking the link on the most recent e-mail that’s been sent to you. We recommend deleting the e-mail once you’ve clicked the link.

Tip: Check your security policies

Some security systems will automatically click on links in e-mails to check for phishing, malware, viruses and other malicious threats. If these have been clicked, it won’t work when you try to click on the link.

Need to change your e-mail address?

For security reasons, e-mail address changes can only be complete by your Member Engagement Manager. Please contact the team directly for further help.

Still got a question?