press & newsRome, 03/06/2024, Intecs Solutions Spa has been admitted by the Bank of Italy to the experiment of an automatic monitoring tool for the functioning of Open Banking interfaces, aimed at measuring the compliance of services with international standards, as well as the continuity and quality of digital financial and payment services.
Open Banking refers to a completely new approach to financial data sharing, representing the set of rules under which banks and financial institutions make account data and payment services accessible to end customers, with their explicit consent. Open Banking allows users greater control over their financial information, resulting in simplified financial management, with the support of authorized entities, the Third Party Providers. Digital transaction processes are thus facilitated, contributing to the promotion of digital payments.
In this case, INTECS, leveraging its long expertise in Safety Critical systems applied to sensitive sectors such as Transportation (Automotive & Railway) and Aerospace, has started an experiment to monitor and verify adherence to international standards, as well as the efficiency and reliability of financial and payment services in a controlled banking environment, in collaboration with Banca di Cambiano 1884 SpA, which has over 140 years of history, and FlowPay, a payment institution that develops innovative open banking solutions to support partner companies in optimizing collection and payment flows and enhancing financial data.
Once the experiment is successfully completed, the system will be available to banks and TPPs (Third Party Providers) interested in releasing Open Banking systems with a high standard of efficiency and security for end customers. The tool can also provide important indicators to objectively measure the quality of Open Banking services available in Italy.
Alessandro Brachini, Head of the Fintech Division at Intecs, emphasised that “the Open Banking experiment, approved by the Bank of Italy, reflects our constant pursuit of excellence in our projects and compliance with European regulations in a continuously changing sector.”
Davide Busato, CIO of Banca Cambiano, pointed out that “open banking represents a significant opportunity to enhance innovation and competitiveness in the banking sector. European payment regulations aim to improve consumer protection, promote competitiveness, and harmonize implementation, seeking to reduce discrepancies between EU member states in terms of regulatory enforcement.”
Federico Masi, CEO and co-founder of FlowPay, commented: “The collaboration between Intecs, Banca di Cambiano, and FlowPay is an important step forward for the entire financial ecosystem, which will lead to an objective and timely assessment of current gaps and future opportunities.”
