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An open banking ecosystem to survive the revised Payment Services Directive: Connecting international banks and FinTechs with the CBI Globe platform
The payment services market is evolving at an accelerating rate, driven by continuous technological innovations and major legislative developments. One such piece of legislation is the revised Payment Services Directive (PSD2), which intends to further define a common legal framework for the payment market in the European Economic Area, with the aim of increasing the level of integration and efficiency in the market, as well as increasing the level of consumer protection. In this context, the enhancement of collaborative infrastructures can be the keystone to anticipate and transform the challenges of PSD2 into opportunities. This paper describes the creation of an open banking platform, called CBI Globe — Global Open Banking Ecosystem, to facilitate the interconnection between banks and third parties through application programming interfaces, in line with the new directive. Using this platform, adhering parties will be able to simplify and expedite the administration of current accounts by offering both reporting and payment and collection services, thus exploiting the business opportunities enabled by PSD2.
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Liliana Fratini Passi is Chief Executive of Consorzio CBI, the Italian financial industry’s pre-competitive innovation think tank for the payments market. She is also Chair of the National Strategic Table on International Trade Financial Services Working Group; board member of the ISO 20022 Registration Management Group; and a delegate to the United Nations Centre for Trade Facilitation and Electronic Business, where she is Domain Coordinator Finance in the Program Development Area Supply Chain and Liaison Rapporteur to ISO Technical Committee 68 — Financial Services.