December 3, 2016
29.11.2016 Warsaw, Poland: Today Kontomatik is happy to announce its expansion to another European Union member state – Italy. The country becomes the 10th geography covered by the Kontomatik Banking API, next to the recently announced Portugal and already established 8 countries: Poland, Czech Republic, Slovakia and Spain in the European Union and such other rapidly growing economies as Russia, Mexico and Brazil.
Why Italy? The country is a home for over 60 million of people, which makes Italy fourth-largest country in the EU and sixth-largest in Europe. Even though Italy has a significant number of banking institutions, covering a dozen of largest retail banks will be enough to provide bank account authentication to the largest part of the population. Next to this, Italy’s biggest banks, such as UniCredit, are present in most of the countries supported by Kontomatik. This makes entering Italy a less challenging task as Kontomatik’s team already has experience in developing APIs for online banking interfaces similar to the ones employed by the banks in Italy.
The banking sector is quite strong in Italy, yet it is also very innovative. Brands such as Chebanca! clearly show that Italian banking sector is pretty much open towards innovation and such technologies as banking APIs will be welcomed in this country even before the Payment Services Directive II comes into force. Also, with the availability of Kontomatik Banking API in Italy, banks will be granted a unique opportunity to adopt their services to the open-banking era ahead of time. Also, there are quite many Italian financial technology startups and companies within the online lending segment that could majorly benefit from the bank account data sets supplied by Kontomatik.
An important feature in Kontomatik's coverage in Italy comes with the availability of imports from SME bank accounts for every supported bank. This way Kontomatik plans to target B2B oriented companies in the Italian market. This is especially useful considering the number of enterprises in Italy.
Italy leads EU countries in the number of registered enterprises, and the vast majority of these enterprises are SMEs. Hence, Kontomatik expects to enter into strategic collaboration with quite a few banking institutions in Italy to facilitate its credit scoring and loan underwriting process.
As Italy is the most recent market, Kontomatik’s new product, Financial Health Indicator, won’t be available in this country at first. Its is planned to be released in the first half of 2017.
For more information on Kontomatik Banking API, Financial Health Indicator, geographical availability, pricing and other queries visit Kontomatik website or mail email@example.com.