London-based RegTech solution provider Konsentus has gone live with its cloud-based PSD2 open banking production service.
The new service aims to help financial institutions to comply with PSD2 open banking by facilitating Identity & Regulatory checking of Third-Party Providers (TPPs).
Delivered on a Software as a Service (SaaS) basis with RESTful APIs, Konsentus claims it offers the ‘market a unique end-to-end proposition’ combining identity and regulatory checking with access token issuance.
With the March 14, 2019 deadline approaching for FIs to meet the PSD2 open banking regulations the EBA states that tThe legal and regulatory requirements apply as and when they are issued by the EBA and the national authorities. It also states that ignorance of them can of course not be used to justify non-compliance, and non-compliance amounts to a breach of law, with the resultant consequences for the legal entity.
Brendan Jones, chief commercial officer of Konsentus said; “Two months after the launch of our TPP Identity & Regulatory checking sandbox, we are delighted to provide FIs with access to the production environment. As timelines are becoming critical, this will enable them to develop, build and test their solutions ahead of time, and help them to meet their PSD2 obligations. And with STET and Berlin Group schema to follow shortly, Konsentus is leading the way in offering the market the only fully live end-to-end solution.”
Konsentus recently launched its FinTech sandbox to help financial institutions with PSD2 open banking compliance. The RegTech’s TPP regulatory checking sandbox enables FIs and developers to create code and test regulatory checking services that support PSD2 open banking. The company claims the European Banking Authority (EBA) register is not a machine readable, real-time, online database.
Peter Winfield-Chislett, chief architect of Konsentus added; “Built utilising the AWS infrastructure as a platform, the Konsentus TPP Identity & Regulatory checking solution with access token management works to a one hour SLA on the 31 National Competent Authority TPP updates, full referencing of all 73 eIDAS Qualified Trust Service providers and a state-of-the-art micro service approach to build scalability and reliability into the software architecture ensuring 100% up-time for our clients.”
Konsentus was founded by three Financial Service industry veterans seeking to deliver a simple and easy way FIs can comply with the new PSD2 regulations for open access .It was established to provide TPP regulatory and eIDAS seal certificate checking services along with the issuance of access tokens for FIs enabling them to be PSD2 open banking compliant.
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