Ozone API brings cVRP Infrastructure to Non-CMA9 Banks in 8 weeks
Ozone API has announced the availability of its open banking compliant Variable Recurring Payments (cVRP) infrastructure for non-CMA9 banks in the UK. This infrastructure can be deployed in just 8 to 10 weeks without requiring internal builds from these banks.
This development comes as part of Ozone API's push to extend advanced open banking capabilities beyond the CMA9, which are the nine banks that meet certain regulatory criteria. By enabling non-CMA9 banks to access this technology, Ozone API may boost competition and improve the payment options available to consumers while adhering to the OBL 4.0 standards.
Key takeaways
- ▸Ozone API is targeting non-CMA9 UK banks for its cVRP infrastructure.
- ▸The deployment time for this infrastructure is 8 to 10 weeks.
- ▸No internal build is required for banks to implement the solution.
- ▸This offering is compliant with OBL 4.0 standards.
- ▸Ozone API's initiative may enhance competition in the UK banking landscape.
Why this matters
This move by Ozone API could significantly alter the competitive landscape by giving smaller banks access to advanced payment technologies that were previously reserved for larger CMA9 banks. As a result, these banks can enhance their service offerings and compete more effectively with established financial institutions, potentially leading to greater consumer choice and innovation in payment solutions.
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