Ozone API Powers iFAST Global Bank’s Digital Growth with Open Banking v4.0 Standard Uplift

Ozone API, the global leader in standards-based Open Banking technology, today announced a strategic partnership with iFAST Global Bank, the fast-growing UK-licensed digital bank. The collaboration ensures iFAST Global Bank maintains seamless PSD2 compliance and future-proofs its multi-currency current account proposition by migrating to the latest UK Open Banking Standard, version 4.0. 

The partnership enables iFAST Global Bank to offer its new digital multi-currency current accounts for individuals and businesses with secure, standards-compliant Open Banking APIs. This commitment is central to the bank’s vision of building a globally connected digital banking experience. 

Leading the Way with Open Banking v4.0 

While many UK banks remain on older versions of the standard, iFAST Global Bank is among the first to commit to a full transition to version 4.0 (OBL v4.0) by January 2026. This latest evolution of the UK Open Banking Standard represents a significant leap forward for both the industry and end-users: 

• Enhanced Global Interoperability: By aligning with the ISO 20022 messaging standard, version 4.0 allows for richer data sharing and smoother cross-border payments — critical for iFAST Global Bank’s multi-currency digital accounts. 
• Superior Security & Resilience: The uplift to the FAPI 1.0 Advanced security profile ensures higher levels of protection for customer data, maintaining consumer trust in a digital-first environment. 
• Improved Transparency for Customers: New requirements for definitive payment statuses and consistent error messaging mean that customers and businesses will have more clarity on their transactions, reducing manual interventions and “false positive” fraud alerts. 
• Future-Ready Innovation: version 4.0 lays the groundwork for advanced features like Variable Recurring Payments (VRP), giving customers more flexible ways to manage their finances.

The implementation comes as iFAST Global Bank demonstrates significant market momentum. The bank achieved profitability in Q4 2024, less than three years after its acquisition by Singapore-based iFAST Corporation. Driven by the success of its Digital Personal Banking division, the bank now holds over $1 billion in customer deposits, reflecting growing confidence in its innovative, secure, multi-currency banking solutions for the UK market. 

Ozone API’s partnership with iFAST Global Bank has been in place since March 2023, is now supporting iFAST Global Bank in leading the way by uplifting its platform from the UK Open Banking Standard version 3.1.11 to version 4.0. This major transition was completed in January 2026, positioning iFAST Global Bank at the forefront of UK Open Banking compliance and innovation. 

“Our partnership with Ozone API is a key enabler of iFAST Global Bank’s strategy to build a truly intelligent, globally connected digital bank. By adopting Open Banking 4.0 standards, we are strengthening the foundations of our multi-currency current accounts for personal customers and multi-currency business accounts for commercial clients, as well as our payments and savings propositions. This allows iFAST GB to offer customers a secure, scalable and seamlessly connected banking experience across borders, while maintaining strong governance, resilience and regulatory alignment. Importantly, it enables us to deliver clearer, more transparent products that provide fair value and better outcomes in line with our Consumer Duty commitments, as we continue to grow responsibly and innovate with confidence.” — Inayat Kashif, CEO, iFAST Global Bank 

“iFAST Global Bank is a great example of a modern, fast-moving digital bank that understands Open Banking is not just a regulatory hurdle, but a 

fundamental growth strategy. Achieving SGD$1 billion in deposits in such a short time demonstrates the success of their digital-first approach. We are proud to provide the high-quality, standards-based foundation that ensures their continuous PSD2 compliance while enabling them to embrace the next generation of Open Banking. Our technology is designed to make this essential transition to v4.0 simple, secure, and future-proof.” — Huw Davies, Co-founder & CEO, Ozone API

Ozone API’s standards-based platform is designed to provide compliance solutions that future-proof financial institutions, allowing them to rapidly meet regulatory requirements while positioning them to maximise the commercial potential of Open Finance.