Konsentus, which provides identity and regulatory checking services to financial institutions, has added Transact Payments to its list of partners.
Transact Payments is an electronic payments and card solutions platform and has teamed with Konsentus to support its compliance with PSD2. The company will now be able to offer its customers Konsentus’ third party provider identity and regulatory checking service.
UK-based Konsentus aims to ensure financial institutions can meet the regulatory requirements of PSD2 and open banking. Its technology delivers identity and regulatory checking services to financial institutions.
Alongside this, the company issues consent management tokens for financial institutions, helping them keep compliance with EU regulations, and give open banking services to customers. Through these tokens, the institution can be certain their data been supplied to third-party provides which are regulated and have received ‘explicit’ consent from customers.
The SaaS-based platform helps organisations to bolster their compliance through resources covering swagger documentation, core TPP identity and regulatory checking sandbox, sandbox complying to OBIE standards and live cloud-based production environment with restful APIs.
Transact Payments managing director Kriya Patel said, “We provide our clients with innovative and flexible European BIN sponsorship and modular payment, debit, credit and prepaid services; it’s crucial that we can offer our clients expert and trusted services which are fully PSD2 open banking compliant.
“With only five months to go before our programme managers need to comply, we felt Konsentus offered the perfect plug and play solution for TPP identity and regulatory checking services.”
Transact Payments offers programme managers, processors and businesses support to build European BIN sponsorship and modular prepaid services, as well as management tools for the card and processing. Alongside this, the company delivers E and M-wallet solutions, agency banking and corporate payment solutions.
Konsentus chief commercial officer Brendan Jones said, “We are delighted to welcome Transact Payments Limited to the growing network of market leading issuers, such as Wirecard, and processors like GPS, who understand the value and offer that Konsentus can deliver to their customers. We will be announcing more partners over the coming months.”
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