SIA Launches an Open-Banking Platform

PSD2 compliance compels industry players to further open up and rethink their strategy. The Italian processor SIA intends to help them through this process and launched an Open-Banking platform for FinTechs, corporates, SMEs and public sector organisations in Italy and Europe.

This solution called “Open Banking” is meant to facilitate collaboration between bank, FinTechs and other third-party service providers. It is also intended to promote and accelerate the creation of innovative payment services.

SIA helps banks and TPPs design new solutions, with a Cloud-based series of adjustable features. Among features: a payment hub (with all SEPA means of payment, including SCT inst) and associated services, such as a smart account. This platform would for instance allow them to access information to do with individual customers’ bank accounts, optimise new customers’ onboarding, centralise cash management or deal with multibank payment orders.

Open Banking pertains to SIA EasyWay solution which was launched roughly a year ago. This service was implemented to help financial institutions and PSPs manage instant payments EU-wide.

Comments – New backbone for Open-Banking development?

Since the PSD2 came into effect in Europe, the payment sector has been in great turmoil. Visa and Mastercard, for instance, act as essential intermediaries between banks and emerging players. In their turn, this Italian specialist starts focusing on Open-Banking related opportunities. SIA explains they want to build a secure ecosystem for consumers, banks, and payment providers, enabling these last two parties to reduce implementation costs, technological investments and time to market for future services.

The European processor again stresses their interest in scaling-up in the payment sector, beyond payment cards. Their mobile instant credit transfer service, Jiffy –which now counts more than five million users– was but the beginning. Their instant payments-dedicated digital platform, SIA EasyWay, and recent partnership with Bancomat are also consistent with this strategy. SIA established successful relationships throughout Europe, but they are still at work, and also getting ready for their IPO.