Italian technology firm SIA has unveiled a new Open Banking platform. It will enable multiple organisations in Europe to develop their innovative payment services.

The offering is part of the SIA EasyWay solution, which enables banks and other payment service providers to manage instant payments at European level.

Open Banking derives from EU’s Payment Services Directive II (PSD2). Consequently, the regulation mandates banks to share customer data with third party players to boost competition in the industry.

Through the new platform, SIA intends to improve collaboration between banks and new market entrants. The intention is also to facilitate development of advanced services.

The new proposition’s cloud-based services have been designed to reduce development costs and speed up time-to-market.

It offers access to information related to bank accounts. In addition, it supports optimisation in customer onboarding as well as cash-pooling and liquidity management.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The platform also supports multi-bank payment orders with real-time checks on ownership and fund availability.

SIA director of international division Cristina Astore 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.”