CBI: Bridging the Gap Between Banks and Consumers

As technology continues to drive innovative change in the fintech and banking sectors, CBI stands out as a pivotal player in facilitating digital transformation. 

A public limited consortium company, CBI’s client base extends to 400 banks, fintech companies and other financial institutions. 

Today, over 80% of the Italian banking industry has chosen CBI’s Globe platform, which streamlines the telematic dialogue among PSPs, fintechs, enterprises, and the Public Administration to achieve compliance with renewed EU regulatory frameworks and ensure organisations can play an active role in Open Banking.

At Money20/20 Europe this June, we spoke to Marialetizia Temofonte, Head of Sales at CBI, who provided us with 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, CBI plays a central role in connecting banks and financial institutions with public administration and consumers – bridging the gap between FIs and their clients through the power of Open Banking.

"We deliver innovative services and ecosystems for the fintech and banking industry," says Temofonte. This dual connectivity positions CBI as an essential intermediary in the financial services ecosystem.

Shifts in European Financial Regulations

CBI supports banks as they aim to comply with regulations — laws that are always evolving. The European Commission is shifting its perspective from open banking to open finance, emphasising initiatives like safe services, data-sharing models and instant payments.

These changes are encapsulated in regulations like the instant payment directive, which mandates Payment Service Providers (PSPs) to offer instant payment services without charges to consumers. This presents a challenge for banks and financial institutions, requiring them to find the right partners and investments to comply effectively.

Additionally, new norms such as PSD3 and PSR are emerging to further define electronic payments. Temofonte sees this regulatory landscape as both challenging and opportunistic, offering financial institutions the chance 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 shaping industry standards. "Our customers will stay safe with our solutions and decentralised approach," assures Temofonte.

CBI’s Collaborative Ecosystem

CBI’s extensive experience in creating collaborative systems is one of its core strengths. "We always understand the business needs from both corporate and customer perspectives," Temofonte highlights. For instance, CBI's corporate banking service, launched in 1995, now facilitates the treasury needs of around 3 million firms and corporates, demonstrating a 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 public administration notices and private bills through easy QR code scanning, showcasing CBI’s ability to transform user needs into practical services.

Innovations in Payment Verification

CBI is also pioneering 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 deliver a comprehensive solution with an algorithm that offers three types of responses: match, no match, and close match," explains Temofonte. This guarantees 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 sector. By bridging the gap between banks, financial institutions, public administrations and consumers, CBI continues to drive collaboration and champion a secure financial ecosystem. 

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