Epiphany and Kaleyra Launch First Open Banking Hub
A single platform allowing banks to easily launch PSD2 compliant innovative products
Milan/London, 21st October 2019 – The partnership signed this past July, between Epiphany, a digital banking solutions start-up founded in Italy and operating globally, and Kaleyra, an international group specialized in mobile messaging solutions for banks and other highly-transactional businesses, has resulted in Italy’s first Open Banking Hub which allows banks to quickly innovate and deploy open banking compliant apps.
This means that the many banks that already rely on Kaleyra’s messaging technology to have two-way communication with clients via SMS or WhatsApp, and now wish to lean into open banking, will have easy access to Epiphany’s ready-made apps like Instapay, Account Aggregation and InstaCredit to deliver modernized, fully compliant, open banking experiences to their end clients. In other words, this Open Banking Hub brings everything under one roof – communication services and apps – allowing banks to capitalize on the open banking phenomenon through direct engagement, remain competitive and win business.
Effective this week, Kaleyra’s clients in the retail banking sector will have instant access to three of Epiphany’s PSD2/GDPR compliant apps. This union of the two platforms gives banks minimal technical-functional impacts, has lower costs and implementation times and overall reduces the time-to-market and time-to-value of new products.
In detail, the innovative Hub starts with the following Epiphany’s ready to use apps, with more to follow in the coming months:
- InstaPay: an instant payment service via mobile. In one click your smartphone becomes a digital wallet to pay in total security as well as have in real-time updates of your banking statements. 95% of the large-scale distribution in Italy can now use InstaPay.
- Account Aggregation: the solution allows banks to access real-time the information made available through other banking institutions with a single API and which simplifies the development of other solutions such as PFM, credit scoring, and marketing. The solution has a 100% coverage of the Italian market.
- InstaCredit: a personalized microcredit solution in real-time, providing a more advanced credit line opening service using machine learning to define credit score and credit-worthiness.
“Following the implementation of PSD2, banks now need to ensure they are in a 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 the booking of car sharing. Open banking is an opportunity that on a European scale is worth more than 60bn euros, having an impact on the level of investments in Italy that will exceed 3.5bn euros, with a focus on products in the lending area (55% of the value generated), digital payments (15%) and bank accounts (20%)”, clarify Managing Director of Kaleyra Alex Milani, and CEO and founder of Epiphany Paolo Spadafora.
Epiphany and Kaleyra will be attending Salone dei Pagamenti, in Milan on the 6th, 7th and 8th of November. This will be the occasion to explore the new offer in more detail.
Epiphany is a start-up company, founded in 2016, which operates in the technology sector with a special focus on banking. Through its full-stack digital platform, it offers a series of micro-services and applications useful for improving banks’ operating systems and for supporting credit institutions to adapt quickly to PSD2. Epiphany’s platform and related integrative services offer banks, system integrators, service providers and Fintech, including TPP (Third Party Provider), an all-inclusive digital IT architecture that can fully support or complement any open-banking solution.
Kaleyra is a global group specializing in providing mobile messaging services for financial institutions and multiple other types of enterprises of all sizes. Through its proprietary platform, Kaleyra manages multi-channel integrated communication services on a global scale, comprising messages, push notifications, e-mail, instant messaging, voice services, and virtual assistants. Kaleyra’s technology today makes it possible to manage huge volumes of messages, with some 2 billion notifications a month. For more information, visit www.kaleyra.com.