The EU’s digital finance strategy and proposal for open finance has led to new strategies and business models being adopted by market players. COVID-19 has accelerated this shift, with financial institutions increasing investment in innovative technologies and digital payments, and regulators developing frameworks to strengthen security and transparency. CBI, a consortium company comprising 400 banks and other intermediaries, has developed platforms and services to support this evolution. Its CBI Globe platform, launched in 2019, enables compliance with PSD2 and the spread of open finance in Italy by providing value-added services to clients. CBI also offers services such as Check IBAN, a service that allows payment service providers (PSPs) to offer IBAN verification to their customers, and Check Iban Cross Border Service, which offers real-time verification and security services to Italian and European customers. CBI has also developed services to facilitate onboarding, such as CBI GO, which provides a fast and secure onboarding service for corporate customers using banking credentials. The development of these services, along with CBI’s aggregation of various actors in the ecosystem, contributes to the transition from open banking to open finance in Europe. Compliance with regulatory frameworks is crucial for fintech startups seeking to take advantage of the opportunities presented by open finance.
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