Open Banking in Italy

Italy transposed PSD2 into national law via Decreto legislativo n. 218/2017, with Banca d'Italia overseeing compliance. A distinctive feature of Italy's implementation is the CBI Globe platform, developed by the CBI consortium (the Italian banking industry body), which provides a centralized API gateway for PSD2 services.

CBI Globe acts as an intermediary layer, standardizing API access to over 400 Italian financial institutions. This hub model reduces integration complexity for fintechs and improves data quality and consistency. The platform supports account information, payment initiation, and confirmation of funds services.

Italy's banking sector is one of Europe's largest by number of institutions, though it has undergone significant consolidation. Major groups like Intesa Sanpaolo, UniCredit, and Banco BPM are active participants. The Italian fintech sector, centered in Milan, is growing with companies leveraging PSD2 APIs for payment solutions, personal finance management, and lending. Italy's open banking adoption benefits from increasing digital banking usage, though it faces challenges related to varying levels of digital literacy across the population.