Account aggregator providing individual customers a consolidated view of all their current accounts, also from other banks, now available in Italy for private individuals; Austria and Germany by the autumn, followed by the other Group PSD2 countries
The new open banking feature, the account aggregator, makes it possible for individual UniCredit customers to view all their current accounts, also those held with other banks, through one consolidated view in its internet and mobile banking. The account aggregator service is available in Italy, and is being rolled out in Germany and Austria by October this year and then to the other Group PSD2 countries.
In addition to customers being able to view all its accounts, functionality allowing payment also from accounts held with other banks will be available in Italy in the coming months, by then end of the year in Germany and Austria and subsequently in other countries.
UniCredit took a strategic decision to develop its own, global, integrated technology platform to provide customers with open banking features. Consequently, the bank has been able to leverage on the experiences and digital innovation in its different countries whilst guaranteeing same functionalities across all markets as well as high security standards.
Thanks to its own proprietary platform, UniCredit has been able to develop an account aggregator service for corporate customers which is currently being finalised. This service will be launched in Italy and Germany in the coming months. Similarly to the individuals' open banking feature, companies will be able to aggregate accounts and initiate payments, also those held/executed with other banks, managing their global liquidity positions through a single front end with data available in real time.
Gianfranco Bisagni, UniCredit co-CEO Central and Eastern Europe, commented: "Open banking has introduced major changes to processes, security levels and business. UniCredit has led the way in this development of payment systems from the beginning, developing its own technology platform, common to all countries where we operate, and we were among the first to introduce strong authentication systems. We are focusing on offering concrete, innovative solutions for our customers, with a consistent user experience across the Group and we are constantly evaluating and testing new initiatives to continue to provide our customers with optimal services, improving and extend the offering of new digital services, also in partnership with fintechs".
In addition to the new account aggregator, UniCredit has partnered with various fintechs to develop solutions for customer and enhanced functionality and services. For example, UniCredit has developed the Personal Financial Management and Account Aggregator solutions with Meniga, a partnership agreement to digitalise supply chain management systems with Taulia and a dynamic discounting solution to optimise corporate working capital for companies and supply chain with Findynamic.
Milan, 4 June 2020
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