MILAN AND BOLOGNA (ITALY), JULY 14 2020
MILAN AND BOLOGNA (ITALY), JULY 14 2020
CRIF, a global company providing credit bureau, business information and credit solutions, and SIA, a leading European hi-tech company in payment services and infrastructures controlled by CDP Equity, have signed a strategic partnership agreement to offer advanced Open Banking services and applications in Italy and Europe.
The objective of the agreement is to accelerate the innovation process of banks, corporates and fintechs in the new digital scenario resulting also from the innovations introduced to the market by PSD2, and in particular access to customer current account data - subject to authorization - and payment orders made by qualified third parties.
More specifically, the agreement between CRIF and SIA provides for the integration of their respective digital offerings and will cover end-to-end management of the user experience, taking full advantage of the opportunities offered by Open Banking, as well as the possibility to manage customers' personal finances through advanced Personal and Business Finance Management (PFM and BFM) solutions.
For example, it will be possible to make a purchase, both on traditional and digital channels, through the Payment Initiation Service (PIS), i.e. by starting the payment transaction from the current account chosen by the customer, in addition to other instruments currently used like credit cards and digital wallets.
It will also make it easier for individuals and businesses to take out a loan through a fully digital experience, thanks to a more complete and updated data set that will make access to credit simpler.
CRIF and SIA, in addition to providing the Italian and European markets with an ecosystem of value-added services accessible from a single marketplace and through APIs, also aim to develop new use cases and collaboration models among financial institutions, corporates and fintechs.
"We are delighted to announce this partnership with a global player such as SIA. The complementarity of our two companies represents a great value that we intend to deliver to our respective customers and their end customers. We are aware that the acceleration on the market caused by innovation will allow us to improve over time our integrated offer in order to reach the next levels with increasingly innovative and high-performing digital solutions," commented Carlo Gherardi, CEO of CRIF.
"The reliability of SIA's infrastructures and transactional services in the payments sector and the quality of CRIF's information services, features already valued and recognized in Italy and abroad, represent an excellent combination that allows us to compete in Europe, confirming our leadership in innovation and supporting the financial market in the development of new operating models offered by Open Banking," said Nicola Cordone, CEO of SIA.
