CRIF and SIA offer Open Banking services and applications in Italy and Europe

The objective of the agreement is to accelerate the innovation process of banks, corporates and fintechs in the new digital scenario resulting also from the innovations introduced to the market by PSD2, and in particular access to customer current account data - subject to authorization - and payment orders made by qualified third parties. 

More specifically, the agreement between CRIF and SIA provides for the integration of their respective digital offerings and will cover end-to-end management of the user experience, taking full advantage of the opportunities offered by Open Banking, as well as the possibility to manage customers' personal finances through advanced Personal and Business Finance Management (PFM and BFM) solutions.

For example, it will be possible to make a purchase, both on traditional and digital channels, through the Payment Initiation Service (PIS), ie by starting the payment transaction from the current account chosen by the customer, in addition to other instruments currently used like credit cards and digital wallets.

It will also make it easier for individuals and businesses to take out a loan through a fully digital experience, thanks to a more complete and updated data set that will make access to credit simpler.