Konsentus, which provides SaaS solutions to help financial institutions comply with PSD2, has formed a strategic partnership with Neonomics.
Through this deal, clients of Neonomics will be able to access the Konsentus platform to ensure compliance with PSD2 and guard their transaction account customers from unregulated and unauthorised third-parties.
Norway-based Neonomics is a PSD2-compliant inter-bank solution helping banks and third-party providers work together for account aggregation and payment initiation services through a single unified API.
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.
Mike Woods, CEO of Konsentus said, “Neonomics is a market-leading platform with a significant customer base. The Konsentus solution will allow them to go live with their PSD2 open banking solutions confident that they will only ever provide data to a regulated TPP.”
Konsentus has been on a streak of partnerships this year. A recent deal saw the RegTech company team up with Token.io in a bid to help European financial institutions meet PSD2 compliance. As part of the deal, Token’s SaaS-based PSD2 API gives firms the ability to meet external testing requirements, while Konsentus provides automated checking and verification of third-party providers.
The firm also signed a deal with Mastercard this year, giving the card issuer access to its pan-European third-party provider identity and regulatory checking services.
In an interview with RegTech Analyst, Konsentus CCO and co-founder Brendan Jones said the biggest challenge facing PSD2 compliance is many FIs either don’t realise the regulations apply to them or have not started the process of complying.
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