Weekly News Round-Up by Pay iO

Italy-based PostePay has partnered with Volante Technologies to upgrade its infrastructure and enhance its open banking services. Volante’s VolPay will help PostePay to move its consumers towards digital payments and modernise its approach to retail banking.

The Swedish open banking platform Tink has acquired OpenWrk in the UK, bolstering its presence across Europe. Tink enables clients to aggregate financial data and make payments via its API. The OpenWrk acquisition strengthens its UK client base with both business and personal account data.

In an effort to meet the Australia Competition and Consumer Commission CDR open banking regulations, IMB Bank is working with Virtusa Corporation which provides global IT solutions and has gained significant experience in this area. In Australia, the deadline for meeting phase 1 of the CDR is October 2020.

Fabrick, a part of the Banca Sella Group in Italy has sold 50 per cent of its open banking platform HYPE to Illimity. This €140m deal will enable 1.3m HYPE customers to use technology from both banks. The two financial institutions plan to create the biggest open banking platform in Italy.