Below are his five key observations during the debate highlighting the importance of TPP identity & regulatory checking as Open Banking API volumes are set to soar in 2020:

1. Open Banking fraud is currently higher than on cards: This means that although volumes may not currently be high, with the recent growth rate continuing, it won’t be long before this is a significant factor for banks.
2. Banks now have to allow access to any authorised TPP even though they may not have heard of them before: Manual checking of TPPs isn’t going to be a viable option with increased volumes anticipated as we go into 2020.
3. Liability is still a big issue: With Konsentus, we provide full liability on the data we provide.
4. Suspended v Revoked status is a matter for the regulator: The data Konsentus consolidated from source indicates the real-time status of the TPP including whether they have been suspended or revoked allowing ASPSPs to make informed decisions on access.
5. TPPs are not being hacked, but attackers are frequently obtaining valid credentials