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Nexi and Bain signed a strategic partnership for open banking

The new partnership between the fintech company Nexi and the consulting company Ban&Co, will enable Nexi’s partner banks to accelerate their digital transformation. Last May, Nexi signed two other strategic partnerships for open banking: one with Net Insurance and one with Microsoft. Last February, Nexi, together with Plug and Play created the largest Open Innovation platform in the world.

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The Italian paytech company Nexi and the global consulting firm Bain & Company have signed a strategic partnership for open banking. Bain&Co has become part of the open banking ecosystem launched by Nexi.

Bain will bring its vision, also in the context of dedicated conferences, on open finance trends in the European banking landscape, on how the model of collaboration between banks and fintech companies is evolving, on what are the new business models enabled or accelerated by open banking. In that way, Bain will provide its support in identifying strategies aimed at making open banking a business opportunity for banks in Italy.

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Nexi’s partner banks will be enabled to accelerate their digital transformation

In this sense, the key and distinctive elements made available by Bain will be fundamental, such as the deep knowledge of the Italian banking fabric thanks to the direct collaboration with all major banks in the country and a European and international network of over 5,700 experts on corporate strategy, digital transformation and technological innovation. Bain’s entry into Nexi Open will enable Nexi’s partner banks to further accelerate their digital transformation, to make the most of open banking to launch new products and services or to improve existing ones, consistent with their individual strategies.

“Bain’s arrival at Nexi Open allows us to benefit from the strategic guidance of one of the world’s leading consulting firms. It is an agreement that significantly enriches the ecosystem of partnerships we make available to banks and confirms the international perspective we have chosen to give to our initiative,” commented Roberto Catanzaro, Business Development Director of Nexi. Vincenzo Gringoli, partner in Bain & Company, added: “Through our expertise in strategy and innovation, we will contribute to the definition and implementation of concrete open banking initiatives in the Italian and international financial system.”

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Other strategic partnerships Nexi signed

Last May, Nexi signed two other strategic partnerships for open banking: one with Net Insurance and one with Microsoft. Last February, Nexi, together with Plug and Play, a Silicon Valley company, created the largest Open Innovation platform in the world. In addition to that, together with Unicredit, created Plug and Play Italy, a new fintech hub in Italy, based in Milan. The platform was created with the dual objective of attracting fintech companies and talent to Italy in order to generate business and innovate; to export the excellence of Made in Italy and give them visibility so that they can find new partners, find new financing and expand abroad.

Through the Plug & Play network, Nexi and Unicredit have chosen startups consistent with their interests in Frankfurt, on the occasion of a special selection day that took place at the end of January 2020. Plug & Play will bring the chosen startups to Italy, where they can carry out their pitch and participate in events on specific verticals and activities.

Nexi has a stake in Piazza Affari but is still 43.4% controlled by Mercury UK Holdco, which is part of the Advent International, Bain Capital, and Hourglass funds. In the background, there is still the possibility that Nexi is founded with Sia, the leading payment services and infrastructure group controlled by Cdp Equity.

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J. Frank Sigerson is a business and financial journalist primarily covering crypto, cannabis, crowdfunding, technology, and marketing. He also writes about the movers and shakers in the stock market, especially in biotech, healthcare, mining, and blockchain. In the past, he has shared his thoughts on IT and design, social media, pop culture, food and wine, TV, film, and music. His works have been published in Investing.com, Equities.com, Seeking Alpha, Mogul, Small Cap Network, CNN, Technology.org, among others.