SIA has launched an Open Banking platform that will allow financial services companies to develop their payment services.
The Italian technology firm said its platform will help create applications, minimise development costs and accelerate time-to-market.
Open Banking mirrors the EU’s Payment Services Directive II (PSD2), mandating high street banks to share anonymised customer data with approved third parties, which can include peer-to-peer lenders.
“PSD2 and Open Banking represent an extraordinary opportunity for digital transformation in the payments industry,” said Cristina Astore, director of SIA’s International Division.
“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.”
SIA said its platform aims to create an ecosystem to facilitate collaboration between banks and new market players to encourage the creation of advanced services for both consumers and corporates.
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The platform will allow European financial services companies to take advantage of opportunities arising from Open Banking while complying with the regulation.
It allows access to information pertaining to several bank accounts, optimisation in the onboarding of new customers, cash-pooling and liquidity management.
In addition,the Open Banking platform facilitates multi-bank payment orders with secure real-time checks on ownership and availability of funds.