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Pay by Bank (IT)
Open banking in Italy refers to the implementation of the regulatory framework that allows third-party financial service providers (TTPs) to access bank customer data and initiate transactions, with the customer's consent.
Method
Pay by Bank (IT)
LPM Market Share
n/a
Payments
Yes
Refunds
Yes - full refunds only
Type
Bank Transfer
Local Card Scheme
Users
n/a
Disbursements
No
No
Chargebacks
No
Authorization currency
EUR
Authorization
speed
speed
Instant
Recurring
No
No
Reasons for Popularity
Faster transfers: Open banking's instant account-to-account transfers ensure immediate fund availability
Cost reduction: Open banking offers an alternative to traditional card networks through direct account-to-account payments, reducing transaction costs for merchants
