Fintech
CBI: Driving Innovation in Fintech and Banking | Money20/20 Europe
As technology continues to drive innovative change in the fintech and banking sectors, CBI stands out as a key player in enabling digital transformation.
CBI is a joint-stock consortium company that counts 400 banks, fintech companies and other financial institutions among its clients.
Today, over 80% of the Italian banking system has chosen CBI’s Globe platform, which simplifies the telematic dialogue between PSPs, fintechs, companies and Public Administration to adapt to the renewed regulatory frameworks of the European Union and guarantee organizations an active role in Open Banking.
At Money20/20 Europe in June, we spoke to Marialetizia Temofonte, Head of Sales at CBI, who gave us an in-depth look at how CBI is driving innovation in digital payments, open banking and open finance.
Bridging the gap between banks and consumers
Indeed, the CBI plays a central role in connecting banks and financial institutions with government and consumers, bridging the gap between financial institutions and their customers through the power of Open Banking.
“We offer innovative services and ecosystems for the fintech and banking sectors,” says Temofonte. This dual connectivity positions CBI as an essential intermediary in the financial services ecosystem.
Changes in European financial regulations
CBI supports banks in their efforts to comply with regulations, laws that are constantly evolving. The European Commission is shifting its focus from open banking to open finance, emphasizing initiatives such as secure services, data sharing models and instant payments.
These changes are enshrined in regulations such as the Instant Payments Directive, which requires Payment Service Providers (PSPs) to offer instant payment services free of charge to consumers. This presents a challenge for banks and financial institutions, which must find the right partners and investments to comply effectively.
Additionally, new regulations such as PSD3 and PSR are emerging to further define electronic payments. Temofonte sees this regulatory landscape as challenging and opportunistic, offering financial institutions the opportunity to develop complex new services that leverage financial information beyond traditional banking.
CBI’s solutions are designed to be fully compliant with European standards, ensuring that their customers remain safe and secure. The company’s participation in the European Commission’s task force reflects its dedication to adhering to and defining industry standards. “Our customers will remain safe with our solutions and our decentralized approach,” Temofonte assures.
CBI Collaborative Ecosystem
CBI’s extensive experience in building collaborative systems is one of its key strengths. “We always understand business needs from both a corporate and customer perspective,” Temofonte emphasizes. For example, CBI’s corporate banking service, launched in 1995, now facilitates the treasury needs of approximately 3 million businesses and corporations, demonstrating successful integration of banks through collaborative efforts.
In the realm of digital payments, CBI’s e-billing and payment presentment service, CBI, is widely used in Italy by 30 million citizens. This service simplifies bill payments for government notices and private bills through an easy QR code scan, demonstrating CBI’s ability to transform user needs into practical services.
Innovations in Payment Verification
CBI is also a pioneer in payment verification with its Name Check service. This service verifies the association between names and IBANs, providing PSPs with instant payment validation and ensuring compliance. “We offer a complete solution with an algorithm that offers three types of responses: match, no match and close match,” explains Temofonte. This ensures compliance and innovative assessment for customers, ensuring safe and reliable financial transactions.
CBI’s ongoing efforts to innovate and adapt to regulatory changes position it as a leader in the financial services industry. Bridging the gap between banks, financial institutions, governments and consumers, CBI continues to drive collaboration and support a safe financial ecosystem.