Callsign and Ozone 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.
Callsign and Ozone also confirmed that they are preparing a joint solution for the rumoured introduction of open banking in 2021 by regulators in Saudi Arabia and Kuwait.
