Italy-based UBI Banca has updated its systems for PSD2 to allow third-parties to develop services based on online access to its customers.

The developments has helped UBI Banca to be PSD2-compliant over three months ahead of schedule.

UBI Banca decided to use a solution from CBI Globe to enable this update. CBI Globe’s Global Open Banking Ecosystem simplifies the development of banking services for third-parties. It manages this by allowing them to interface easily with the systems of all the banks that employ CBI Globe by using the same APIs.

Currently, 80% of the Italian banking industry has signed up for this solution.

“Regulatory and technological developments occurring in the financial sector are making an increasingly more incisive impact on the service models demanded by customers and supplied even by the more conventional players in the world of banking”, said Natascia Noveri, marketing manager at UBI Banca. “The decision to use the CBI Globe platform enables us to meet the challenge posed by PSD2 with innovative solutions that guarantee maximum efficiency and transparency to the benefit of our customers.”

“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”, added Liliana Fratini Passi, CEO at CBI. “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.”

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.

PSD2 compliance from co-operation

Many banks are looking to outside their firms to become PSD2 compliant.

Recently, TBB in Estonia worked with Token and Icefire to meet PSD2 requirements. Icefire will integrate Token PSD2 into the bank’s infrastructure to establish compliance before the September 14 2019 deadline.

Furthermore, Fidor Solutions, a subsidiary of Fidor Bank, has selected RegTech provider Konsentus to support its PSD2 open banking roll-out.

The collaboration will see Konsentus’ Third Party Providers (TPPs) integrated with Fidor Solutions’ API digital banking platform fidorOS (fOS). The integration will provide the bank clients with an off-the-shelf PSD2 and open banking compliant solution.