Digital banking start-up Epiphany and mobile messaging solutions provider Kaleyra have collaborated and launched the first Open Banking hub in Italy.

The hub allows banks to innovate and deploy Open Banking-compliant apps.

Banks that already rely on Kaleyra’s messaging solutions for two-way messaging, via SMS and WhatsApp, with clients can utilise Epiphany’s apps.

The Open Banking hub brings everything together and banks can take advantage of direct engagement. In addition, they can avoid disintermediation by third-parties.

Kaleyra’s clients will have access to three of Ephphany’s PSD2/GDPR-compliant apps. Combining the two platforms will lead to lower costs and implementation times. Furthermore, it will reduce the time-to-market and time-to-value of new products.

The apps are:

  • InstaPay: an instant payment service via mobile. Your smartphone becomes a digital wallet with one click. Users can pay with total security and with real-time updates. 95% of the large-scale distribution in Italy can now use InstaPay;
  • Account aggregation: banks access in real-time information made available through other banking institutions through a single API. It simplifies the development of other solutions and has 100% coverage of the Italian market, and
  • InstaCredit: a real-time microcredit solution that offers a more advanced credit line opening service using machine learning to define credit scores and credit worthiness.

“Following the implementation of PSD2, banks now need to ensure they are in position to offer competitive services to improve the consumers’ experience: from safe and quick transactions via mobile, to the access of small loans, to the transfer of P2P money whilst you chat. It will also help to integrate services such as the purchase of plane tickets and booking of car sharing. Open Banking is an opportunity that on European scale is worth more than €60bn, having an impact on the level of investments in Italy that will exceed €3.5bn, with a focus on products in the lending area (55% of the value generated), digital payments (15%) and bank accounts (20%)”, clarified managing director of Kaleyra Alex Milani, and CEO and founder of Epiphany Paolo Spadafora.