UniCredit Deepens Ties with Worldline for Open Banking
UniCredit, one of the major pan-European banks, has renewed the partnership with Worldline, a global leader in payment services, for the Open Banking Third Party Provider (TPP) service.
The partnership with Worldline allows UniCredit customers to connect their accounts in other banks throughout Europe via one single application programming interface (API). This enables UniCredit to effectively offer Account Information Services (AIS) and Payment Initiation Services (PIS) and opens up a range of business opportunities for both UniCredit and its customers. UniCredit has been using Worldline's Open Banking TPP service since 2020. The partnership has been extended for another two years.
The partnership with Worldline provides huge benefits in terms of efficiency. Instead of establishing separate connections with many different banks, UniCredit gains extensive and cost-effective reach throughout Europe through a single API. Via this API, Worldline enables UniCredit and its customers to execute PIS and AIS services.
What's more, Worldline's secure Open Banking infrastructure translates the formats of all different banks into a single API. This removes the complexity and friction of many diverse integrations and allows UniCredit to provide its customers with the ability to get a consolidated view of all their bank accounts held with one or more banks. It also enables them to initiate an online payment at an account from other bank in Europe. In addition, Worldline's Open Banking TPP service allows UniCredit to discover new business opportunities to develop new services to the benefit of corporate and individual customers.
Worldline is one of the largest Open Banking providers in Europe. The company has been actively working on PSD2/XS2A since 2014, aiming to help the industry to make PSD2 work in practice. Besides the partnership for Open Banking, UniCredit also has long-term payment processing agreement with Worldline to handle all SEPA (Single Euro Payments Area) transactions, instant payments, multi-currency, domestic and high value payments in Austria and Germany.
Luca Corsini, Head of Transactions and Payments at UniCredit, says: "As a tier 1 bank active in different European countries, we rely on support from a supplier with both scale and a cross-European presence in order to address the challenges and opportunities our customers are facing. In the past two years, Worldline has proven their Open Banking capabilities by providing cost-effective reach across Europe and enabling the services that our customers require. In addition, we are currently also building further on the opportunities that arise from PSD2 and Open Banking."
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