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Open banking and digital transformation in Italy: The current situation and the challenges ahead
Journal of Payments Strategy & Systems,
16
(4),
358-368
(2022)
Abstract
This paper discusses the results of the Global Open Banking Report, released by CBI and PricewaterhouseCoopers in December 2021. Starting with a brief review of the current state of open banking at the global level, the paper switches focus to the European scenario and on the Italian market in particular, highlighting the disruptive nature of open banking, and its potential for significant growth. The study finds that although open banking is still in a development phase in Italy, banks and other players are constantly exploring collaborative initiatives and investing in innovative services that go beyond the traditional banking sector, marking a transition from open banking towards open finance.
Keywords: open banking; financial services; FinTech; digital payments; account information services; payment initiation services; value-added services
The full article is available to subscribers to the journal.
Author's Biography
Liliana Fratini Passi is the Managing Director of CBI S.C.p.a. and Vice Chair of UN/CEFACT. She is a recognised opinion leader and keynote speaker in the field of electronic payments, open banking and the broader digitisation of financial services, and was shortlisted for the ‘Woman in FinTech of the Year’ award at the Women in Finance — 2020/2021 Italy Awards. She also serves on the ISO Technical Committee 68 Financial Services and ISO 20022 Registration Management Group.
