iFAST Global Bank Completes Open Banking 4.0 Migration with Ozone API

UK-licensed digital bank iFAST Global Bank has successfully completed its migration to Open Banking Limited (OBL) version 4.0, becoming one of the first institutions in the UK to fully adopt the latest standard.

The transition, finalized in January 2026, was delivered in partnership with Ozone API, whose founding team originally helped develop the UK’s open banking framework. The upgrade moves the bank from version 3.1.11 to the more advanced 4.0 standard, positioning it ahead of many incumbent institutions that have yet to make the transition.

The migration also supports ongoing compliance with the revised PSD2 framework, reflecting a broader shift toward more secure, interoperable, and innovation-ready financial infrastructure.

The adoption of Open Banking 4.0 introduces several key enhancements. These include improved global interoperability through alignment with ISO 20022 messaging standards, enabling richer data exchange and more efficient cross-border payments. The upgrade also strengthens security by incorporating the FAPI 1.0 Advanced profile, offering higher levels of data protection for customers.

In addition, the new standard enhances transparency by introducing clearer payment status updates and standardized error messaging, reducing the need for manual intervention and minimizing false fraud alerts. It also lays the groundwork for future innovations such as Variable Recurring Payments (VRP), which are expected to play a key role in the next phase of open banking development.

For iFAST Global Bank, the transition supports its multi-currency current account offerings for both individual and business customers, aligning with its strategy to build a globally connected digital banking platform.

The milestone comes amid strong growth for the bank, which was acquired by Singapore-based iFAST Corporation in 2022. Since then, the institution has achieved profitability and surpassed $1 billion in customer deposits, driven by its digital-first banking model.

Executives from both companies emphasized that the upgrade is not merely a compliance exercise but a strategic investment in future growth. By adopting the latest open banking standards, iFAST Global Bank aims to enhance customer experience, improve operational efficiency, and enable more transparent, value-driven financial services.

The move underscores a broader industry trend, as digital banks increasingly leverage open banking frameworks to deliver more integrated, secure, and innovative financial products in a rapidly evolving global market.