UK-licensed digital bank iFAST Global Bank has completed a full migration to the UK Open Banking Standard version 4.0 (OBL v4.0), powered by a strategic partnership with Ozone API.
The major transition, which was completed in January 2026, uplifts the bank’s platform from the previous version 3.1.11. The move positions iFAST Global Bank among the first in the UK to commit to a full v4.0 transition, while many domestic incumbents currently remain on older versions of the regulatory standard.
Ozone API, whose founding team originally created the UK Open Banking Standard, has been working alongside the digital bank since March 2023 to ensure seamless compliance with the revised Payment Services Directive (PSD2).
What version 4.0 brings to the table
For iFAST Global Bank, the upgrade future-proofs its multi-currency current account proposition for both individuals and businesses. The transition to version 4.0 introduces several critical industry enhancements:
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Enhanced Global Interoperability: Alignment with the ISO 20022 messaging standard allows for richer data sharing and smoother cross-border payments.
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Superior Security: The upgrade to the FAPI 1.0 Advanced security profile ensures higher levels of protection for customer data.
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Improved Transparency: New requirements for definitive payment statuses and consistent error messaging will give customers more clarity on their transactions, reducing manual interventions and false-positive fraud alerts.
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Future-Ready Innovation: The standard actively lays the groundwork for advanced open banking features like Variable Recurring Payments (VRP).
A digital growth strategy
The successful implementation coincides with significant market momentum for iFAST Global Bank. Following its acquisition by Singapore-based iFAST Corporation in 2022, the bank rapidly achieved profitability in Q4 2024. Driven by the success of its Digital Personal Banking division, the institution now holds over $1 billion in customer deposits.
Inayat Kashif, CEO of iFAST Global Bank, emphasized that the technology is central to the bank’s vision of a globally connected digital banking experience.
“Our partnership with Ozone API is a key enabler of iFAST Global Bank’s strategy to build a truly intelligent, globally connected digital bank,” Kashif stated. “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.”
He added that the standard enables the bank to deliver clearer, more transparent products that provide fair value and better outcomes in line with its Consumer Duty commitments.
Huw Davies, co-founder and CEO of Ozone API, highlighted the bank’s proactive approach to the regulatory landscape.
“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,” Davies said. “Achieving SGD$1billion 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.”
