As part of the digital revolution, the financial industry is undergoing transformation from traditional models to more open and connected systems that enable a broad exchange of financial data between their suppliers. Open Banking has gained popularity in Europe following the introduction of the Payment Services Directive 2 (PSD2) to promote innovation in the financial industry. The open finance system will provide e.g. a single point of access with financial tools needed for everyday use, such as monitoring investment portfolios, comparing bank offers or managing personal finances. CBI is introducing innovation such as: supporting payment service providers (PSPs) in meeting the PSD2 requirements with the help of a regtech platform called CBI Globe and enabling PSPs to act as third-party providers. In addition, CBI has launched the ‘Check IBAN’ and ‘Name check’ services that contribute to payment security and prevent fraud through owner verification.
More details can be found at:
https://thefintechtimes.com/navigating-financial-transformation-cbis-innovations-in-open-finance/