Citi announced that it is the first corporate bank to enroll as a Payment Initiation Service Provider (PISP) on the UK Open Banking Directory.
Inclusion in the directory will allow Citi to begin piloting new payment and collection services for clients.
Citi treasury and trade solutions, payments and receivables EMEA head Ireti Samuel-Ogbu said: “We see Open Banking as a significant development in the banking landscape in Europe and increasingly in other regions as regulators seek to drive competition and innovation in financial services.
“Open Banking in the UK is particularly attractive to us and our clients as it enables collections with open APIs standardized and live across the Competition and Markets Authority nine banks. Citi continues to work with the UK Open Banking Implementation Entity (OBIE) and regulators around the globe to drive positive development in open banking and to deliver payment system innovations that work for both consumer and business users.”
Open Banking in the UK, which went live in January 2018, requires the nine largest UK banks to publish open APIs, enabling regulated third party providers to access bank accounts securely and with account holder consent, via open APIs.
The directory is part of a wider shift in the global banking landscape from batch processing to real-time, hyper connected banking – an era of real-time payments and collections, and banking systems becoming accessible through APIs.
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