Italian banking group UBI Banca has met open banking compliance through the support of CBI Globe.
Through its updated systems, third parties can now develop services based on online access to its customers and their data.
To meet PSD2 compliance, the bank worked with open banking technology builder CBI Globe, which simplifies the development of banking services for third parties by enabling them to work with any bank system which uses the CBI Globe API.
As per Bank of Italy recommendations, UBI has put its interfaces for communication with third parties into production more than three months ahead of schedule, it said.
CBI CEO Liliana Fratini Passi said, “This intense collaboration with CBI Globe by UBI Banca and other payment service providers clearly shows that working together is the best way to achieve economies of scale in order to share compliance costs and at same time to stimulate innovation and creativity, where market players can count on strength in numbers.
“It must be underlined that this experience leads the ecosystem to an information economy and therefore to the change from open banking to open data.”
The final deadline for implementing PSD2 is September 14 2019, and banks have been frantically getting their systems ready.
Last week, German challenger bank Fidor partnered with Konsentus to help prepare itself for the deadline. The deal sees Konsentus’ third-party providers (TPP) platform integrated into fidorOS, an API banking platform, offering an off-the-shelf PSD2 and open banking compliant solution to bank clients.
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