Konsentus is the only SaaS based API solution providing Financial Institutions with real-time Third-Party Provider (TPP) Identity & Regulatory checking services.  Quickly and easily deployed, the solution helps Financial Institutions ensure customer data is not put at risk when giving TPPs access to account or payment initiation services.

“I joined the panel debate as Konsentus offers a common identity and regulatory checking service that supports all open banking API schemes. Our solution can help ASPSPs with their risk management regardless of the schema they use.  We aim to enable the PSD2 open banking ecosystem to operate in a secure and trustworthy way.”

The biggest challenge the industry faces in meeting the PSD2 deadline is the uncertainty. To be ready for 14^th September, ASPSPs and TPPs need to have been in live testing since 14^thJune, many of whom have not been.  Our solution is quick and easy to deploy, and we look forward to working with ASPSPs across Europe to help them meet this deadline.

The need for real-time identity and regulatory checking of TPPs to ensure ASPSPs don’t initiate payments or provide customer data to unregulated third parties.

In ten years, the industry will not be talking about Open Banking because it will have become part of peoples’ normal day to day activities.  It will be more about the innovative applications being offered by Financial Institutions and new Fin Tech entrants.  Rather than taking about the enabling technology we’ll be talking about the latest payment services apps and what we can do with them.

Over the next 12 months we expect to see more interesting use being made of account information and integrated payment services. Financial services will be integrated into the every-day life of users enabling them to have relevant and timely interactions with improved financial outcomes.  Solutions that remove complexity, are reliable and help manage risk will enable innovation to take place.