Author

Dan Brightmore

Published

10 April 2025

Estimated Read time

2Mins

Ozone API launches industry-first tool that enables US banks to calculate the cost of building and maintaining their own open banking APIs 

Ozone API, the global leader in open banking technology, has launched an industry-first tool. It forecasts an accurate estimated cost for US banks planning on building their own API infrastructure. It comes in response to the recent Section 1033 rulemaking under the Dodd-Frank Act. This means that American consumers will have the right to access and share their financial data.  

API Build It Calculator

The “Build It Calculator” can estimate the cost to a US bank of building and maintaining its own API infrastructure. It does this by analysing data points including, but not limited to, the desired length of time for project completion, the financial institution’s hosting costs and the value of a bank’s deposits. This information is then fed into a formula built according to Ozone API’s extensive experience delivering open banking infrastructure globally.

Moreover, the final cost even includes the salaries of employees required to support the project. This is calculated in line with the proportion of their annual working hours that would be spent on the API build, implementation and maintenance. 
 
Having already been tested and validated by banks in the US, the tool helps financial institutions understand the complexity and cost involved in building APIs. Furthermore, it also reveals the hidden costs of maintenance, which can often be as much as half the cost of initial implementation every single year.  
 
Using the Build It Calculator, banks of all sizes can estimate both the up-front cost and maintenance costs of building their own open banking APIs in a single phone call with Ozone API. This brings significant clarity to initiatives that often reach eight-figure budgets. 

Open Banking with APIs

“Open banking technology brings huge benefits to financial institutions as well as businesses and consumers, but building API architectures does require significant investment. We are making this tool available to help banks understand the scale of the undertaking and effectively prepare to comply with Section 1033. It’s crucial that banks are armed with accurate data to help them make the best decision, whether that is to build their own infrastructure or work with partners that can offer off-the-shelf or bespoke solutions.”  

Eyal Sivan, General Manager, North America, Ozone API
 
The tool has been rolled out in the US already and is set to expand into new regions globally, including the UK, MENA, LATAM and APAC.   


About Ozone API

Ozone API empowers banks and financial institutions around the world to deliver high performing, standards-compliant open APIs.  
 
As open banking and open finance sweep the world, Ozone API helps banks and financial institutions to adapt and thrive in the new era of open data, by providing the technology to unlock the power of open finance globally.  
 
The UK-based FinTech is the leading standards-based open API platform, supporting all global standards and providing the tools and expertise to help banks and financial institutions comply with regulation and create real commercial value.  
 
With a founding team that led the development of the UK open banking standards, Ozone API continues to shape open finance globally helping regulators, banks and technology platforms to accelerate open finance. Learn more: https://ozoneapi.com/

  • Digital Payments
  • Neobanking

Author

Dan Brightmore

Published

13 November 2024

Estimated Read time

2Mins

Ozone API has provided Open Banking Limited (OBL) with an updated model bank as the model bank provider for OBL to reflect v4.0 of the Open Banking standards 

The global open banking leader, Ozone API, has launched an updated platform for Open Banking Limited (OBL) in line with the UK’s latest standards. It is the first major update since the introduction of VRPs. 

Ozone API has successfully updated the model bank to support the rollout of the UK’s Open Banking Standards v4.0. This positions Ozone API as the first provider to deliver fully compliant APIs, facilitating the transition for financial institutions and third-party providers (TPPs) operating in the UK. 

Open Banking Standards

The changes were announced by OBL in early July. OBLv4 introduces some mandatory updates for the UK’s CMA9 banks, with some required to be completed by as early as 31st December 2024. Additionally, ISO 20022 is set for implementation by 31st March 2025. Alongside the Bank of England’s publication of mandatory updates to payment regulations. These proposed changes have been driven by several significant factors, including the deprecation of key security standards such as FAPI 1 Implementers Draft 2.  

While the UK open banking standard was initially mandated just for the CMA9 banks, it has become the de facto standard for the UK market. However, many UK banks remain on old versions of the standard.   

The OBL model bank serves as 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 will serve 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 new OBLv4 standards. It is designed to help institutions comply with the regulatory changes. 

Ozone API 

“We’re delighted to confirm that we’re the first provider to launch a platform that reflects v4.0 of the Open Banking Standards for Open Banking Limited. We’re excited to work with our partners to support fast and high-quality API changes, ahead of the first legislative deadlines coming into force later this year. Ensuring a smooth transition to the updated standards is critical for banking players who want to stay at the forefront of open banking industry changes into 2025 and beyond. We are extremely proud that our market-leading platform is ready to support our customers and partners as they transition to v4.0. I’m pleased that we’re able to support the entire UK financial ecosystem to start their OBLv4 journey by providing the OBL’s model bank. Our founding team were closely involved during their time working with the Open Banking Implementation Entity in the development of the UK Open Banking Standards, and we remain committed to enabling UK banks to make the most of open banking now and into the future.”  

Huw Davies, CEO of Ozone API

Open Banking Limited

“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. This includes upgrading the model bank to v4 to provide as much support and coverage to participants as possible including the FCS, Standards and technical guidance.” 

Henk Van Hulle, CEO, Open Banking Ltd

Ozone API has launched a comprehensive guide and a series of educational resources to accompany the new OBLv4 standards, aimed at helping banks and FIs navigate the changes smoothly and efficiently. The guide and resources provide actionable insights and best practices for institutions of all sizes.   

Since the UK Government announced it would revisit the Data Protection and Digital Information Bill in July 2024, it is anticipated that the UK will see more regulatory changes related to open banking, smart data and the open data economy.   

Ozone API is also supporting banks in the US market this year, following the US Government announcing new open banking legislation regulations under Section 1033 of the Dodd-Frank Act.  

  • Neobanking