Konsentus announced today that it has partnered with open banking API provider Ozone to deliver an end to end solution accelerating PSD2 open banking adoption.
Open banking enables customers to have better control of and access to their transactional account data by giving regulated Third-Party Providers (TPPs) the ability to initiate payments and access customer account data.
Konsentus Verify is the only SaaS based API solution in the market providing financial institutions with real-time TPP identity & regulatory checking services. When a financial institution gives access to a TPP through their dedicated interface, they need to be confident that they are not putting their customers’ data at risk. Quickly and easily deployed, Konsentus Verify enables Financial Institutions to protect their customers from the risk of open banking fraud.
Ozone API is the leading standards-based platform that helps financial institutions deliver great open banking APIs, making it easy for them to meet both regulatory and commercial requirements for an open API. Financial institutions using Ozone API can accelerate their implementation of open APIs, reduce the on-going cost of ownership, and provide a future-proofed platform for growth.
Huw Davies, Chief Commercial Officer commented stated: “Delivering open APIs creates new challenges for banks as they look to securely engage with TPPs, manage customer consent and deliver it all in line with standards. By partnering with Konsentus we can ensure our customers across Europe have additional tools to validate TPP authorisations and mitigate the risks of fraudulent TPPs gaining access to end user account information and funds.”
Brendan Jones, CCO at Konsentus, commented: “To successfully compete in the open banking ecosystem requires banks to have PSD2 open banking compliant APIs in place and to ensure any third parties accessing them are legitimate and known entities. By partnering with Ozone we can offer our customers an end to end open banking solution which is quick and easy to integrate and protects our customers from the risk of fraud.”
Ozone joins an established list of partners working with Konsentus to enable trust in the open banking ecosystem ensuring that unauthorised or fraudulent TPPs are never given access to end-user transactional account data.