Callsign, a company powering the rapidly evolving world of digital identification, and Ozone, the leading standards based platform for open banking, have partnered to align their authentication, orchestration, and open banking capabilities in Bahrain as a single integration, following the recent announcement of the Open Banking Framework in Bahrain.
The newly updated regulations need an immediate solution to meet the impending deadlines in Bahrain, and the two expert platforms have launched an out-of-the-box compliant solution. Following the announcement in October, Bahraini banks must implement open-banking APIs that meet the defined standards with limited time to comply. Callsign’s authentication, integrated into Ozone’s platform, allows banks to deliver the required API standards, deliver a great user experience and protect customers from fraud and deception. As a result, Bahraini banks would merely need to integrate into Ozone’s single API to be compliant to the new regulations.
The vision of the Central Bank of Bahrain focuses on expanding the scope of traditional banking in the country by promoting the adoption of latest digital trends and innovative financial service solutions. The Central Bank introduced innovative open banking regulation in 2018 and this latest move creates a stronger, standards-based foundation for the financial services sector to thrive.
This vision aligns closely with those of Ozone and Callsign, which aim to accelerate innovation and provide seamless experiences within the banking sector. As the authors of the UK open banking standards which formed a foundation for the framework, the Ozone founding team and the combination of the platforms uniquely positions Ozone and Callsign to support a smooth transition for banks in Bahrain.
Ozone brings a proven global platform and enables banks to deliver APIs in line with the latest standards. This solution offers banks the opportunity to test the functionality with a free-month trial and ground support in the GCC. Huw Davies, Co-Founder at Ozone, said, “Open banking is now a global phenomenon, with standards at its core. Banks who deliver high performing APIs, with a great developer experience and enabling a great user experience will be the winners in the long run. In partnership with Callsign, we are enabling banks to comply with regulation easily, and to also meet these three key requirements.
With strong presence in UAE and KSA, Callsign solves the challenges organizations face in getting their users on and interacting with their digital platforms easily and securely. “Open Banking is a very powerful new digital channel that needs to be secured, just like any other. When employed securely, open banking will prove to be a substantial and beneficial tool for banking customers,” said Amir Nooriala, Chief Commercial Officer at Callsign. “We look forward to our partnership with Ozone, enabling Bahraini banks to take full advantage of all of the benefits of open banking whilst maintaining focus on their core business.”
Callsign and Ozone also confirmed that they are preparing a joint solution for the rumored introduction of open banking in 2021 by regulators in Saudi Arabia and Kuwait.