iFAST adopts Open Banking 4.0 with Ozone API partnership

iFAST Global Bank has announced a strategic partnership with Ozone API to strengthen its Open Banking capabilities and ensure compliance with evolving regulatory standards. The collaboration supports the bank’s migration to version 4.0 of the UK Open Banking Standard, positioning it among the early adopters of the latest framework.

The partnership enables iFAST Global Bank to offer secure, standards-compliant APIs for its digital multi-currency current accounts, catering to both individual and business customers. The move aligns with the bank’s broader vision of delivering a globally connected, digital-first banking experience.

Open Banking version 4.0 introduces several enhancements, including improved interoperability through alignment with the ISO 20022 messaging standard, stronger security via the FAPI 1.0 Advanced profile, and increased transparency through clearer payment status updates and error messaging. The upgrade also lays the foundation for future innovations such as Variable Recurring Payments, enabling more flexible financial management.

iFAST Global Bank completed the transition from version 3.1.11 to version 4.0 in January 2026, with Ozone API’s technology supporting the implementation. The development comes amid strong growth for the bank, which reported profitability in the fourth quarter of 2024 and has surpassed S$1 billion in customer deposits, driven by its Digital Personal Banking division.

Inayat Kashif, CEO of iFAST Global Bank, said the partnership plays a key role in advancing the bank’s digital strategy. He noted that adopting Open Banking 4.0 strengthens the foundation for its multi-currency offerings while enabling a secure, scalable, and transparent banking experience across borders.

Huw Davies, Co-founder and CEO of Ozone API, added that iFAST Global Bank demonstrates how Open Banking can be leveraged as a growth strategy rather than just a compliance requirement. He highlighted that the partnership ensures continuous PSD2 compliance while enabling the bank to adopt next-generation Open Banking capabilities.

The collaboration reinforces iFAST Global Bank’s commitment to innovation, regulatory alignment, and expanding its role in the evolving Open Finance ecosystem.