Italian technology firm SIA has unveiled a new Open Banking platform. It will enable multiple organisations in Europe to develop their innovative payment services.
The offering is part of the SIA EasyWay solution, which enables banks and other payment service providers to manage instant payments at European level.
Open Banking derives from EU’s Payment Services Directive II (PSD2). Consequently, the regulation mandates banks to share customer data with third party players to boost competition in the industry.
Through the new platform, SIA intends to improve collaboration between banks and new market entrants. The intention is also to facilitate development of advanced services.
The new proposition’s cloud-based services have been designed to reduce development costs and speed up time-to-market.
It offers access to information related to bank accounts. In addition, it supports optimisation in customer onboarding as well as cash-pooling and liquidity management.
The platform also supports multi-bank payment orders with real-time checks on ownership and fund availability.
SIA director of international division Cristina Astore said: “PSD2 and Open Banking represent an extraordinary opportunity for digital transformation in the payments industry.
“SIA’s expertise and technology enable banks and TPPs to support the innovation of business processes, improving the user experience and further raising security levels and speed of payments.”