TFG heard from the inspirational CEO of CBI, Liliana Fratini Passi. CBI is an innovation society leading the way for PSPs and the transaction banking industry in Italy. Liliana spoke to TFG about the latest changes, and what this means for bank, in terms of ISO 20022, UN/CEFACT and PSD2.

Liliana, tell us who you are and what you do?

My name is Liliana Fratini Passi and I am the CEO of CBI, an innovation society for Payment Service Providers in the transaction banking services market, founded in 2001 under the aegis of the Italian Banking Association (ABI). On top of that, at the international level I am board member of the ISO 20022 Registration Management Group; delegate to the United Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT), whereof I am Finance Domain Coordinator in the “Supply Chain” Programme Development Area and Liaison Rapporteur to ISO Technical Committee 68 – Financial Services; at national level I am chair of the National Committee on Trade Facilitation – Financial Services Working Group and last but not least I am board member of UNINFO.

You’re an inspirational woman and CEO in finance. What got you here, and what were your inspirations? Tell us more about your journey to the top.

The journey, I must say, was rather challenger but hugely rewarding as well. I graduated in Economics and then achieved a Masters in Economics and Management for the banking and insurance sectors at LUISS Business School. I started my career in the insurance sector. I began working with ABI in the Finance Sector for the Euro Project (‘96-’98), after which I joined the start-up team at Wind Telecommunications in the Finance Department.

In 2001, I returned to ABI to see to its start-up process for the Interbank Corporate Banking project (ACBI) and took on the role of Manager of the Technical Secretariat. Then, when ACBI turned into Consorzio CBI in 2008, I became its General Secretary.. In 2011 I was appointed CEO of the consortium, that became CBI S.c.p.a. (Public Limited Consortium Company) on 26th June 2019.

Do you see a lack of diversity at the top in terms of leaders in finance? Should we address this? What is being done?

It is undeniable that there are differences between the two genders in the top management sectors. Nevertheless, I think that my personal experience as a woman in a male-dominated field clearly exemplifies that different paths are available for women and it is also worthwhile to hire women rather than men. In fact, a recent survey conducted by Weber Schandwick’s Gender Forward Pioneer Index unveils that diversifying is the key to help firms growing and increasing profits.

What advice would you give a young woman who is looking to pursue their career in finance?

Never give up. A career in banking and finance is certainly more challenge for women but not impossible. I would also suggest to avoid worrying too much and to be brave enough to start new path with the right mixture of confidence, preparation, creating a confident team to rely on.

How is it going with CBI Globe, the Open Banking international platform facilitating the dialogue between Banks and Fintech, was born? And in what ways is the dialogue facilitation happening?

CBI Globe is the latest solution developed by CBI to meet PSD2 requirements. It eases the digital exchange of information and payments with third parties, while ensuring a higher level of consumer protection. Thanks to this innovative platform, banks will be able to take on the role of PISP, AISP and CISP. We can say that CBI Globe is a RegTech platform, since it supports banks in meeting PSD2 requirements as well as developing new features to stay competitive in an open banking scenario. Roughly 300 banks have already chosen our platform in Italy, 80% of Italian banking industry, except for Unicredit and Banca Sella which have launched their own in-house digital platform, and other smaller banks. 

Podcast Insight: CBI insights on the Italian Banking Market

Hear Liliana’s insight on the Italian Banking industry with her TFT Interview at Sibos here.

Tell us about your role of CBI Globe – what is the strategy in the next six months?

CBI will be developing three different features, all available on CBI Globe platform. 

In detail, these service will be: 

  1. Development of collaborative and competitive API added-value services 
  2. Use of CBI Globe as a show case of API services managed by third parties, including non-banks, especially the Public sector;
  3. “Active” function of CBI Globe supporting the Intermediaries willing to take action in the role of “third party”

Regarding this last part of the project, CBI Globe will be supporting PSP willing to become active third parties’ players. In particular, they will be able to set up account information services (AIS) and payment initiation services (PIS) with a unique interface, a single hub enabling an international Open Banking scenario. CBI will be supporting its clients with technical rules as well as a constant update of the solution in order to ease the digital process and pursue economic benefits as well. Nevertheless, payment service providers will be able to develop their own distinctive products on top of the platform, such as Personal Finance Management (PFM) Applications, analytics for credit scoring and much more. 

Watch our video with Liliana, speaking about CBI Globe and recent developments