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Konsentus - Confidence in open banking
Konsentus is the first online, machine readable, real-time service that provides Financial Institutions with the TPP identity and regulatory checking service required to comply with PSD2 open banking regulations. The Software as a Service (SaaS) platform delivers a PSD2 schema compliant service through the integration of RESTful API end points.
The Konsentus services covers
- eIDAS Certificate Checking – Konsentus validates a TPPs eIDAS certificate(s) in real-time via the relevant QTSP. This gives the FI confidence that the TPP connecting to its open banking API is a PSD2 recognised service provider (i.e. proven identity).
- TPP Regulatory Checking – Konsentus holds a centralregister of all regulated entities across Europe. Every time a TPP attempts to access an FIs open banking API, Konsentus checks in real-time the regulated status of the TPP and advises the FI as to what regulatory status is held and for what services. Konsentus downloads, on a daily basis, the EBA register and continually monitors all 31 NCA databases to ensure that any change in TPP regulated status is reflected within the Konsentus platform.
- OAuth2.0 Tokenisation Issuance & Management Services – For certain open banking services, PSD2 schema require FIs to issue OAuth2.0 tokens (Access Tokens) to TPPs. The Access Tokens contain the consents granted to the TPP by the Payment Service User. Konsentus provides real-time issuance, checking & validation, and life cycle management of Access Tokens issued on behalf of the FI.
All the services are supported by an immutable audit log, that provides the FI with a system of record of all actions and activity that took place. This can used to demonstrate what activity took place to legal authorities and regulators in case of disputes.
Why use Konsentus
- Konsentus is the only secure SaaS platform that provides online, real-time open banking regulatory checking services:
- Risk Management – provides the most up to date information on TPP regulatory status, thus reducing the FIs risk of providing data to an unregulated third-parties
- Identity Management – validate the identity of TPPs ensuring fraudulent TPPs cannot access FIs APIs
- Consent Management – Tokenisation services to meet the requirements of PSD2 schema use cases
- Immutable Audit – provides FI with a system of record of all activity and actions that can be presented to a regulator if a dispute arises
- Removal of complexity – integration of RESTful APIs to deliver the above services, thus reducing significant costs for FIs to integrate to multiple regulatory and eIDAS databases
- Speed of implementation - dedicated SaaS solution that can be quickly and easily deployed
- Performance - service has been built to be deployed in a cloud based, micro services architecture to provide scalability, throughput and elasticity
- Reliability – resilient system design to underpin maximum availability and fault tolerant, live-live distributed architecture
How does it affect your business
We have a series of White Papers and Webinars you can download covering: