London, 31 July 2024 – Konsentus today announced that Konsentus Verify, Europe’s leading open banking identity and regulatory checking solution, is now available on Temenos Exchange, the partner ecosystem of integrated fintech solutions.

Konsentus Verify ensures end-user account access is never granted to unauthorised third parties, giving consumers and businesses the highest degree of protection when making open banking transactions.

Scalable, extendable, and robust, Konsentus Verify provides Temenos open banking and open finance customers with the ability to check in real-time the identity and authorisation permissions of any third party at the time an account access request is made.

This is done by cross-referencing the information provided by the third party to the financial institution with the data held on the regulatory databases and registers.  The consolidated findings are passed back to the financial institution in real-time through a single API so an instant decision can be made to grant or deny account access.

Temenos Exchange brings innovation to market faster, and at scale. The ecosystem offers pre-integrated and approved fintech solutions that can be easily deployed on top of Temenos’ open platform for composable banking, enabling banks to accelerate the creation of new financial services while reducing the costs of development.

Martin Bailey, Director of Innovation and Ecosystems, Temenos, said: “Temenos Exchange acts as an accelerator for fintechs and software developers, helping them develop, validate and monetize new banking solutions. The integration with Temenos and joining Temenos Exchange means Konsentus can integrate once and be readily available to the thousands of banks globally that run on our platform.”

Brendan Jones, CCO, Konsentus added: “Making Konsentus Verify available on Temenos Exchange furthers our mission to accelerate the global adoption of open banking and open finance. We remove complexity for banks by providing them with extremely complex data in a standardised format. This is where we excel and we’re delighted to be able to offer these services to all the banks that run on Temenos’ platform.”