Through the 38th UN/CEFACT Forum held on 17 May, the Vice Chair of UN/CEFACT and CBI Managing Director Liliana Fratini Passi*, presented the “Open Banking: State of Art and Upcoming Challenges” webinar, focusing on the “Global Open Banking Report” released by CBI and PwC – available on CBI Official Site: CBI - Report and Research (cbi-org.eu) – in addition to launching the “White Paper on Open Finance to Support Trade Facilitation” published by UNECE-UN/CEFACT within its official documents.
In particular, the Global Open Banking Report includes an analysis of Open Banking over 12 countries in addition to the European Union, an overview of API services offered by 41 EU key players, study of 14 EU collaborative and standardization initiatives, key insights on Open Banking in Italy based on 13 key financial institutions. This new Open Banking scenario is leading financial players towards new business models and the possibility to constantly develop more innovative solutions to fight and enhance competitiveness in the Financial Services arena, especially in the medium-long term.
This new paradigm grounds its basis on an ecosystem logic, where the value for final client is usually created through a collaborative approach among players which operates within the same sector or even cross-sectors: “Open” models originate from the creation of such collaborative ecosystems, based on the twofold sharing of data and services.
* Liliana Fratini Passi is also the Italian UNINFO Delegate and UNECE Liaison Rapporteur of ISO Technical Committee 68 Financial Services and member of ISO 20022 RMG.