Konsentus Powering Trust in Open Ecosystems

 Issue 8 Autumn 2024 Payments Review

Financial Crime Trends Revealed The role of trust frameworks in enabling an open finance ecosystem

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Brendan Jones, CCO Konsentus, delves into the crucial role of trust frameworks in safeguarding open finance ecosystems. He explores how they can guarantee that only authorised third parties have access to sensitive financial data, and that this data is strictly used for the purposes for which permission has been granted. By establishing clear rules, compliance standards, and protocols for data sharing, these frameworks help mitigate risks and build consumer confidence driving innovation and competition between providers of open banking products and services.

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