Priviti has become the 65th provider to join the Temenos MarketPlace, a platform for connecting banks with the best FinTech solutions.
Temenos, a banking software company, said its customers will now have access to a pre-integrated solution to enable compliance with regulations such as GDPR, achieve process improvements and to open up new revenue opportunities through securely sharing data.
Headquartered in Galway, Ireland, Priviti provides a patented solution to manage granular consent for data sharing securely. It allows bank to obtain, verify and match data-rich consent between multiple parties, transaction by transaction, with audit trails for compliance, dispute resolution and analytics.
By helping banks execute their digital strategy, while adhering to a structured consent policy for data sharing, it is used for granting and revoking consent related to GDPR and PSD2, sharing documents for KYC/AML checks, as well as underwriting and consent for advisory portfolio mandates, among others.
Dave Cunningham, CEO at Priviti, said: “This is a very exciting opportunity for Priviti as we are fully aligned with Temenos’s mission to help banks achieve their digital vision faster.
“Through the Temenos MarketPlace, we’ll get a route to market to thousands of financial institutions across the world, helping propel us towards our goal of becoming the global standard for consent management in financial services.”
Headquartered in Geneva, Switzerland, Temenos partners with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Its Marketplace is a ‘FinTech ecosystem’ comprising banks, fintech firms, accelerators, influencers and other community members. Its goal is not to connect banks and FinTechs, but to catalyse the future of open banking according to its website.
With open banking having the potential to be extremely lucrative for banks, Temenos aims to help them overcome the two big obstacles to operating an ecosystem-based model. The first challenge is around curation, finding the time and resources to figure which are the best FinTech firms to work with.
The second obstacle is around procurement, the time it takes to steer a FinTech firm through a bank’s procurement processes and then integrate the solution into the bank’s production environment.
Ben Robinson, chief strategy officer at Temenos added: “We are investing significant time and resources into provider curation, which means that we are onboarding not just the best solutions, but doing so faster than before.
“Priviti is a great new addition to MarketPlace, meeting a clear and important set of uses cases for Temenos clients around consent management as they seek to comply with new regulations, speed up processing and open up new revenue opportunities.”
Earlier this year, Temenos expanded its financial crime mitigation product to include an AI-based Suspicious Activity Prevention solution. The Temenos Financial Crime Mitigation (FCM) product claims it is able to offer banks the ‘lowest levels of false positives in the industry while also reducing banks total cost of ownership (TCO) by approximately 50%.
The banking software also recently partnered with LUXHUB, a European Open Banking API platform service provider, to help Fortuna Banque prepare for PSD2. Through the collaboration, Fortuna Banque has chosen to use the LUXHUB service platform, in conjunction with the Temenos T24 Core Banking PSD2 module, as it first step to comply with the PSD2 Directive and standards.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
