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.

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https://thefintechtimes.com/navigating-financial-transformation-cbis-innovations-in-open-finance/