Mastercard has formed a strategic partnership with Konsentus, gaining access to its third-party provider (TPP) identity and regulatory checking services.
This partnership comes as Mastercard looks to provide its clients with new open banking services.
These new solutions include a pan-European directory of TPPs to ensure companies seeking a customer’s data is legitimate, a connectivity hub to support communications with banks and TPPs and a dispute resolution mechanism. A fraud monitoring service will also be offered to help banks improve risk assessments of TPPs.
By teaming up with Konsentus, Mastercard will be able to implement TPP identity and regulatory checking services to ensure financial institutions have the right tools to meet compliance burdens. In addition, these firms will be able to access the benefits of open banking and meet changing customer demands.
Konsentus CEO Mike Woods said, “We are delighted to have been selected by Mastercard and look forward to working closely together as the European PSD2 and wider global open banking markets develop. Offering checking of both eIDAS certificates and regulatory status, using data from all EEA National Competent Authorities, reflects the compelling SaaS solution that Konsentus has taken to market.”
UK-headquartered Konsentus provides financial institutions with identity and regulatory checking services to aid their PSD2 and open banking compliance processes. The SaaS-based platform provides real-time validation of TPPs and every time one requests access to a financial institution, Konsentus checks its regulated status and advises the FI.
The company also issues consent management tokens on behalf of financial institutions, which a comprised of the consents given to a TPP.
In a recent interview with RegTech Analyst, Brendan Jones, CCO and co-founder at Konsentus said the biggest challenges facing the impending PSD2 open banking implementation, is that many financial institutions either don’t realise the regulations apply to them or have not started the process of complying. As a result, the European Banking Authority and National Competent Authorities must do more to communicate the regulations are coming.
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