Open Banking Principles

Open Banking Principles

Open banking has been garnering a lot of attention over the past two years.

Open Banking is the secure way to give providers access to your financial information.

It opens the way to new products and services that could help customers and small to medium-sized businesses get a better deal. It could also give you a more detailed understanding of your accounts, and help you find new ways to make the most of your money.
It forces large, established banks to be more competitive with smaller and newer banks, ideally resulting in lower costs, better technology, and better customer service.

The 3 key principles of Open Banking are:

  1. Real time sharing of data, including statements and transactional data
  2. Real time initiation of payments, that allows other organisations to initiate payments for you
  3. Information of products and services that allows comparison

Through the use of networked accounts, open banking could also help lenders get a more accurate picture of a consumer’s financial situation and risk level in order to offer more appropriate loan terms. It could also help small businesses save time through online accounting and help fraud detection companies better monitor customer accounts and identify problems sooner.

Consorzio CBI is undertaking additional projects in support of the banking industry within the new legal framework of the PSD2; have a look at what it looks like

The Creation of CBI Globe-
Global Open Banking Ecosystem

Consorzio CBI has been implementing a collaborative platform, called CBI Globe — Global Open Banking Ecosystem, based on the Berlin Group PSD2 compliant API Implementation Guidelines. CBI Globe (www.cbiglobe.com) will provide all ASPSP members, also at an international level, with greater ease in fulfilling the obligations imposed by the PSD2, simplifying the interconnection between ASPSPs and TPPs through APIs, making the management of payment accounts easier and more efficient.

The CBI Globe solution allows users to rationalise the costs necessary to meet the regulatory requirements imposed by the PSD2, offering a common space to benefit from the ‘shared services’ that would otherwise be charged to each individual bank.

The platform therefore presents itself as a single access point for the interconnection between TPPs and ASPSPs, and this will allow banks to fully exploit the business opportunities enabled by the new competitive scenario — including, in particular, the development of value-added services. In this direction, the CBI Globe platform can be defined as an ecosystem of innovation in the field of open banking, as it supports the member banks in the development of competitive services with lower costs and a faster time-to-market process.

From March 14, 2019 the CBI Globe test device, the sandbox, is available to the Third Parties for the development and test activities of the exposed interfaces for the use of the services provided by the PSD2. The timetable, in line with the deadlines of the Regulatory Technical Standards on strong customer authentication and secure communication (Regulation 2018/289), will allow the Third Parties to test the solution 6 months in advance of the full entry into force of the legislation, scheduled for September 14, 2019.

Are you a Fintech and do you want to find out what benefits CBI Globe offers you and how to connect? Follow our webinars!

Consorzio CBI will organize a series of webinars to illustrate “CBI Globe – Global Open Banking Ecosystem“. The webinar will be an opportunity to illustrate the competitive scenario outlined by the PSD2, to describe the operating model of the CBI Globe API platform and to present the main benefits and functionalities of the service for ASPSPs and Third Parties.

During the webinar we will also illustrate the project planning and the procedures to join the platform.

DATES AND REGISTRATION LINKS:
5th April 10:30-11:30 in English – Registration link:
attendee.gotowebinar.com/register/7704579639180740109

17th April 10:30-11:30 in Italian – Registration link:
attendee.gotowebinar.com/register/4029150861549077261

7th May 10:30-11:30 in English – Registration link:
attendee.gotowebinar.com/register/7838994936207458060

21th May 10:30-11:30 in Italian – Registration link:
attendee.gotowebinar.com/register/3470265803146588684

CBI will be #FTSFEST19 ecosystem partner for the Open Banking session.
To attend the Open Banking Stream on May 15th at Consorzio CBI
Register here 👉 https://bit.ly/2Ow8Mom

 

#FTESFEST19 is around the corner so…

May 13th, Sole24Ore: Grand Opening FTSFEST19
Register Here 👉 https://bit.ly/2WifuRC

May 14th, Microsoft House: InsurTech Stream
Register Here 👉 https://bit.ly/2FwVUKy

May 15th, Consorzio CBI: Open Banking Stream
Register Here 👉 https://bit.ly/2Ow8Mom

May 15th, Talent Garden Calabiana: PensionTech Stream
Register Here 👉 https://bit.ly/2TEiRAC

May 17th, Le Village by CA: Pitch your startup WS
Register Here 👉 https://bit.ly/2FzOGW6

 

how to become a partner

Following on to last year’s successful Festival in Italy, we want to replicate with the 2019 edition, where we will try to connect even more FinTech players and to explore all the hottest global topics!  Open Banking, Payments, RegTech, FinTech Trends, AI, Identity, Data, Asset Management, InsurTech and much more.

Our partners are the value of FinTechStage and thus each day and event will be built in collaboration with them: come be part of this tribe!