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Open Banking: a new revolution

Open Banking: a new revolution

 

We are ready to welcome a revolution into the banking ecosystem. 

 

Open Banking is a model based on collaboration between different players, from banking and other sectors, that use secure digital platforms to share information and data.

This helps them to create innovative products and services for their clients, such as new payment methods and ways to access their bank accounts.

 

UniCredit is an active part of Open Banking, and is able to use cutting-edge technology to offer increasingly personalised services to improve the lives of their clients. 

 

 

 

What innovations have we created for our clients?

 

 

  •  The possibility to aggregate the information from their bank accounts and prepaid cards by importing their IBANs (International Bank Account Numbers) from other banks;
  • The ability to make transfers from a single platform, debiting their aggregated bank accounts directly.

 

So, by signing up for our new Multichannel Banking service, our customers can access all their banking information, even from other banks, and make payments using a single interface. It's flexible, simple and secure.

 

The service will be rolled out across our Group: in Italy, Germany and Austria by 2020, and in the rest of the European countries we serve by 2021. 

 

 

The advantages of Open Banking

Semplicity

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One of the goals of Open Banking is to allow the creation of new services by authorized Third Party Providers (TTPs), such as Account Information Service Providers (AISPs).

 

An AISP provides payment account information services that lets holders of an account accessible online aggregate the information of their accounts in a single tool.

 

 

 

 

 

 

 

What are the benefits?

 

Using account aggregation, UniCredit gives their clients the chance to get the full picture of their finances, by viewing their banking activity quickly and easily on a single screen.  Account aggregation works through our App and Internet Banking, and shows you all your online account and transaction information on one interface, including from accounts you have with other banks.

 

Moreover we will offer analysis services to help our clients manage their finances more usefully and accurately than ever, through tailored services and personalised advice .

 

 

 

Agility

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New services are being launched, such as the ability to initiate online payments to third parties directly from a client's bank account without needing to use a credit or debit card.

This is offered by Payment Initiation Service Providers (PISPs), who act as intermediaries.

 

 

What can you do with PISPs?

 

PISPs help clients to make payments more easily and flexibly, they will be able to make transfers to accounts held with other banks using a single interface.

 

When shopping online for goods and services, clients will be able to purchase directly without having to enter their credit or debit card information, by simply logging into their online bank to confirm the transaction. 

Efficiency

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Today's clients are always looking for quick and efficient solutions online.

 

 

What does Open Banking offer?

 

Thanks to Open Banking, bank clients will be able to use new online payment methods, for example to pay bills or check their account transactions via third-party apps, or pay with mobile phone credit.

 

This in turn helps banks to build new products to improve the customer experience, such as reducing the risk of online fraud or offering personalised solutions.

 

 

 

 

 

 

 

Security

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Our clients will have the chance to choose whether their data will be shared and with whom, with the guarantee of the latest security standards. Data is the user's property, and no third party will be allowed access without their express knowledge or consent.

 

So, what does this mean for me? 

 

It means that you will be protected by cutting-edge authentication systems that are created to protect the passage of our customer data. It is fully GDPR and PSD2 compliant, allowing customers to manage which third parties have access to their data at any time.

One of the most important innovations of the PSD2 EU Directive is Strong Customer Authentication (SCA), which makes online banking more secure by using one or two factor authentication, such as passwords, digital fingerprints and facial recognition.  

 

We protect our customers' data.

 

L'Open Open Banking gives you access to brand new services, but its core reason for being is to build and maintain a secure ecosystem for our clients.

At UniCredit, we work respectfully and ethically to guarantee innovation, benefits, security and trust for our client.

 

That's why we will... 

 

  • Make sure your data is used respectfully and ethically
  • Assure maximum transparency about how your data is used
  • Respect our clients' choices when it comes to data sharing and processing

 

At UniCredit, we work respectfully and ethically to guarantee innovation, benefits, security and trust for our clients. 

 

 

 

 

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