Open Banking revolutionizes the relationship between banks and enterprises

Open Banking is the solution that put the information systems of corporate clients and Intesa Sanpaolo Group in direct contact, making an increasing number of information and dispositive operations faster, simpler and safer.

From June 2019 to March 2021, Open Banking has achieved a total of 2.3 million uses, allowing business customers to operate with the bank, through their management interfaces, with automatic retrieval of their data, without the need to access remote banking.

The process is made possible by API technology (Application Programming Interface), a set of software applications with high security standards, which facilitate integration between different applications and allow enterprises to connect to the bank's systems and enable a range of functions. In particular, IBAN Check - which verifies an IBAN in real time, checking that the account or card associated with that code is active and matches the holder's tax code or VAT number - is the most widely used API, with over 2 million 'calls'.

This service has recently evolved into IBAN Check Multibanca, which allows the verification of IBANs from other banks as well. It provides real-time feedback, streamlines internal business processes and, thanks to data consistency checks, minimises insolvency and fraud. Thus, it provides customers with a valuable control tool and facilitates the management of suppliers and payments.

"With Open Banking, we have revolutionized relations between banks and businesses, moving from asynchronous interaction between different user interfaces to synchronous interaction between different systems, but with a single interface, that of each of our customers", explained Stefano Favale, Head of Global Transaction Banking IMI Corporate & Investment Banking Division of Intesa Sanpaolo. "Open Banking streamlines, facilitates and speeds up various operations that businesses carry out over and over again every day, and allows us to create tailor-made solutions, guaranteeing absolute flexibility".

Read the press release.