Article: Open Banking Bolsters Corporate FinServ, From India To Italy

Money, Open Governance

Open Banking Bolsters Corporate FinServ, From India To Italy

Open banking is a global phenomenon, and as more banks and FinTechs collaborate to unlock customer data for enriched banking experiences, partners are increasingly eyeing small businesses and corporates as key targets of innovation. This week’s bank-FinTech collaboration roundup explores the latest tie-ups from Italy to India, and beyond.

Israel’s Mizrahi-Tehafot Bank is working with Finastra to bolster its cross-border payment capabilities, the firms recently revealed. In a press release, the companies said Finastra will integrate its Fusion Payments To Go solution, designed for smaller financial institutions looking to strengthen their global payment capabilities.

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Article: The potential of Open Finance and the digitization of tax records | Financial services (FinServ)

Money, Open Governance

The potential of Open Finance and the digitization of tax records | Financial services (FinServ)

So how could Open Finance benefit society? Through Open Banking, challenger banks can connect services digitally, cutting inefficiencies and costs while speeding up transactions. Open Finance can build on this model to connect financial services via technology, upending the existing financial model.  Using tax Information Faster loan applications

Individuals could then share some of this information via Open Finance to help with things like loan applications or managing credit scores. With access to complete and validated financial information, lenders would be able to more quickly and accurately assess an individual’s risk.

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