CBI S.c.p.a., a consortium company, comprising 400 banks and other intermediaries as shareholders, has published its ‘Global Open Finance Report’ in partnership with PwC Italia.
The new report aims to provide a comprehensive picture of the state of the art of open banking and open finance, highlighting trends and evolutions in the national and international markets. Open finance is a consolidated reality both at the international and European levels. To date, more than 40 countries have launched initiatives in this area.
In Europe, the ‘open’ ecosystem has proven to be dynamic and attractive. In 2022, the number of registered Third Party Providers increased significantly by 535 (including the UK). This represents a 12 per cent increase compared to March 2021).
At a national level, the significance of the phenomenon is highlighted by a range of indicators. In 2022, the volume of API calls handled by CBI (around 90 per cent of the domestic market) grew by 114 per cent compared to the previous year (190 million total calls).
The survey conducted on major Italian banking institutions outlines the set of main services that currently make up the open banking and open finance offering in the national context. The four services with the highest usage rate were:
- Account Aggregation (85 per cent)
- Check IBAN (62 per cent)
- Personal Financial Management (62 per cent)
- Variable Recurring Payments (31 per cent)
When considering the future, banks indicated they will focus on the following services to services to enrich their offerings:
- Digital ID and onboarding (80 per cent)
- Check IBAN Cross Border (35 per cent)
The survey also demonstrates that investments in commercial services are growing steadily (by 23 per cent annually) and reaching an average value per bank of nearly €1million by 2022.
‘Real revolution in the payments market’
Liliana Fratini Passi, managing director at CBI, discussed the open finance findings: “In the last two years we have witnessed a real revolution in the payments market, with the entry of new players, the advent of technological innovations applied to the financial world, and an increase in demand for cashless services.
“Added to this are further innovative thrusts in the regulatory environment, especially at the European level, with initiatives aiming at a revision of the PSD2 Directive, regulation of the open finance framework and strengthening of instant payments.
“In this context, CBI is committed to accelerating the transition from open Banking to open finance by investing in integrated and sustainable technological innovation as well as digital expertise that will contribute to the creation of value-added services from an international perspective and data monetisation.”