SIA launches new Open Banking platform

Milan-based financial technology developer SIA has launched a new ‘Open Banking’ digital platform.

The ‘Open Banking Platform’ aims to create an ecosystem to facilitate collaboration between banks and new market players (so-called TPPs, “Third Party Payment Service Providers”), thereby encouraging the creation of advanced services for consumers and corporates.

Its aim is to allow Italian and European banks, FinTechs, corporates, SMEs and public sector organizations to promote and accelerate the creation of innovative payment services.

For example, the platform permits access to information pertaining to several bank accounts, optimization in the onboarding of new customers, cash-pooling and liquidity management, as well as multibank payment orders, made more secure thanks to real-time checks on ownership and availability of funds.

It derives from the introduction of Payment Services Directive 2 (PSD2), to seize new business opportunities in addition to guaranteeing compliance with the regulation.

PSD2 aims to facilitate the development of an efficient, secure and competitive electronic payments market with new rules and new players, supporting innovation and reinforcing protection of payment service users. The Directive has launched the Open Banking Era, a new way to be a bank, open and accessible also to non-bank players, and destined to revolutionize the user experience of 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. 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” commented Cristina Astore, Director of SIA’s International Division.

Founded in 1977, SIA supports banks and TPPs in developing new services to respond to specific use cases, thanks to a series of functions that the digital platform already makes available on cloud, minimizing development costs, technological investments and organizational impacts, and accelerating time-to-market.

The company provides its services in 48 countries, and also operates through its subsidiaries in Austria, Germany, Romania, Hungary and South Africa. The company also has branches in Belgium and the Netherlands, and representation offices in the UK and Poland.

The Group is made up of eight companies: the parent SIA, the Italian companies Emmecom (innovative network applications), P4cards (card processing), SIApay (advanced collection and payment services) and Ubiq (innovative technology solutions for marketing, Perago in South Africa, PforCards in Austria and SIA Central Europe in Hungary.

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