Fibank becomes first bank in Bulgaria to offer open banking services

From: RegTech Analyst

First Investment Bank (Fibank) has released the first open banking platform in Bulgaria.

The bank has leveraged opportunities offered by PSD2 to enable its customers to connect other bank accounts to their My Fibank mobile app.

Customers will now be able to use the digital banking app to add accounts from other banks, check availability, order translations and monitor movement in their accounts.

Initially, accounts from banks operating in the Bulgarian market can be added to Fibank, but plans are to extend this in the future.

Open banking is being well received globally. Last month, digital banking solution Epiphany teamed up with Kaleyra to launch Italy’s first open banking hub to support innovation in compliant apps.

Digital identity management solution provider ForgeRock recently released its Open Banking Accelerators. This is a selection of tools designed to help companies implement PSD2 compliant solutions.

Appetite for open banking is even being felt outside of the EU. Ernst & Young (EY) recently partnered with Open Banking Nigeria to build and promote a standard application programming interface (API).

However, there are still issues with the regulation. A recent study from Intuit Quickbooks into UK SMEs, found that 45% of businesses could not explain the regulation or understood what it was. The research also revealed a strong call from SMEs for more explanations be given around the regulation.

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