Konsentus releases eIDAS checking service to help UK businesses with PSD2

Konsentus has released a dedicated eIDAS checking service to help UK businesses with PSD2 compliance.

The service is for Account Servicing Payment Service Providers (ASPSPs) in the UK leveraging Open Banking. It enables the business to check eIDAS certificates of any TPP who is not registered or does not intend to register on the Open Banking Directory.

Last month, the FCA stated that all UK ASPSPs must be capable of enabling a TPP to identify itself using only its eIDAS certificate.

Konsentus chief commercial officer Brendan Jones said, “PSD2 Open Banking requirements are still evolving as we move towards the 14th September deadline for ASPSPs to be live. Konsentus, with its nimble architecture, is pleased to be able to launch this new service quickly to support the requirements the FCA has clearly outlined that all ASPSPs in the UK must be in a position to verify a TPP based on their eIDAS certificate(s) alone.”

In regard to the verification of eDIAS certificates, the FCA has stated that TPPs already on the Open Banking Directory have received an OB Certificate which helps them identify themselves to ASPSs. However, a number of small firms have solely enrolled in the Open Banking Directory using an eIDAS certificate as identification and so any ASPSP wishing to interact with them would need to verify the eIDAS certificate.

Konsentus is an identity and regulatory checking service provider which helps financial institutions to validate their TPPs in real-time, complying with PSD2 Open Banking access to account requirements. The SaaS-based solution enables ASPSPs to offer open banking services to their customers and ensure a TPP is regulated and has consent to access a consumer’s data.

The RegTech has been partnering with a variety of companies to help them get ready for PSD2’s final deadline.

Last month, it formalised deals with Fidor Bank subsidiary Fidor Solutions as well as ABN AMRO subsidiary Moneyou to meet requirements of the regulation.

Konsentus’ full profile below:

Enjoyed the story? 

Subscribe to our weekly RegTech newsletter and get the latest industry news & research

Copyright © 2018 RegTech Analyst


The following investor(s) were tagged in this article.