SIA launches open banking platform 27 September 2018Milan Reporter: Jenna Lomax
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SIA has launched a new open banking digital platform which allows Italian and European banks, fintechs, corporates and public sector organisations to promote and accelerate the creation of payment services, deriving from the introduction of the second Payment Services Directive (PSD2).
PSD2 was introduced in an effort to seize new business opportunities in addition to guaranteeing compliance with the regulation.
The open banking platform is part of the SIA EasyWay solution that enables banks and other payment service providers to manage instant payments at European level.
The platform has services available on the cloud, minimising development costs, technological investments and organisational impacts, and accelerating time-to-market.
The open banking platform also gives access to information pertaining to several bank accounts, optimisation in the onboarding of new customers, cash-pooling and liquidity management, as well as multibank payment orders.
The open banking platform initiatives aim to create an ecosystem to facilitate collaboration between banks and third-party payment service providers (TPPs), encouraging the creation of advanced services for consumers and corporates.
Cristina Astore, director of SIA’s International Division, said: “PSD2 and open banking represent an extraordinary opportunity for digital transformation in the payments industry.”
She added: “SIA’s expertise and technology enable banks and TPPs to support the innovation of business processes, improving the user experience and further raising security levels and speed of payments.”
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