UK-based Konsentus has launched its FinTech sandbox to help financial institutions with PSD2 open banking compliance.
Konsentus’ 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.
Brendan Jones chief commercial officer of Konsentus said “This is a crucial development for FIs as without a TPP regulatory checking sandbox FIs will find it extremely challenging to build out their end to end PSD2 open banking solutions and test them prior to the March 14 2019 deadline when they need to be live for external testing.”
The FCA recently re-iterated their guidance to the UK market around the importance of the deadline. It encourages ASPSPs to provide dedicated access to TPPs using APIs. The regulator also said from 14 September 2019 all ASPSPs will need to comply with obligations set out in RTS Articles, and ASPSPs will also need to make available technical specifications and provide support and a testing facility by 14 March 2019.
Earlier this year, 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.
Konsentus issues the consent management tokens on behalf of financial institutions through a SaaS platform, enabling them to comply with EU regulation and provide open banking services to their customers. The FIs are only providing data to Third Party Providers (TPPs) who are regulated, and have the customers “explicit” consent to use their data.
FIs that provide transacting bank accounts accessible via an online channel, will under PSD2 and specifically the EBA Regulatory Technical Standard (RTS) for strong customer authentication & common secure communications, have to provide account access to TPPs, such as account information service providers (AISPs), payment initiation service providers (PISPs), payment instrument issuing service provider (PIISPs) and payment service providers (PSPs), when a customer has given their ‘explicit consent’ for those organisations to do so.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
