Jan 30, 2020
ndgit, Europe’s leading Open Banking platform provider, and Konsentus, experts in PSD2 third-party provider (TPP) identity and regulatory checking, announce a strategic partnership that will help improve Open Banking security across Europe, protecting banks from potential fraud. Already used by 25 European banks, ndgit’s secure PSD2 software can now be combined with Konsentus’ additional security functions, enabling a TPP’s identity and regulatory status to be checked in real-time against the 31 EEA National Competent Authorities databases (comprising 115+ registries) and the European Banking Authority registers.
European banks are experiencing an escalation of TPP enquiries as a direct result of their increasing use of PSD2 interfaces. In August and September last year, account queries rose to 180 million, significantly increasing risk of fraud via requesting TPPs. ndgit and Konsentus help overcome this, by providing a fully integrated PSD2 solution that maximises interface security, without adding unnecessary delays or complexity. By combining ndgit’s proven PSD2 Ready software and TPP identity and regulatory checking functions from Konsentus, TPPs queries can now be checked instantly against relevant national supervisory authority registers to verify and safeguard transactions and customer data.
According to Brendan Jones, CCO, Konsentus, “We are currently observing both a dramatic rise in the number of banks' PSD2 interfaces together with a rapid increase in licensed TPPs. With more access points, to more parties, there is now a powerful argument for banks to better protect their customers’ data.”
The ndgit PSD2 Ready software was launched last year and is already used successfully by 25 banks, such as UBS, BAWAG and Solarisbank, in more than ten countries. Mark Bewernik, Head of Product at ndgit, says, “ndgit and our customers demand the highest quality and security from our software. We are delighted to have found a strategic partner like Konsentus whose offering perfectly complements our solution, allowing us to deliver unrivalled real-time security for PSD2 APIs without compromising performance, speed or ease of use for our customers.”
With ndgit, banks can implement highly-secure PSD2 software in under 40 days, to accelerate and effectively support their own Open Banking strategies. At the same time, it allows them to easily implement partnerships with TPPs and gives them the flexibility to go beyond PSD2 if they wish.
ndgit relies on the highest security standards and offers its customers a broad set of service levels and implementation options. This includes the provision of secure and highly-available, fully certified German-based data centres.
For those wanting to stay at the forefront of financial services, ndgit is engineering the backbone for connected banking and insurance that drives the transformation of everyday banking. The API platform enables banks to open up to digital partners using Open Banking APIs and PSD2 solutions to deliver, consume, or control microservices. In 2017, ndgit, together with Hypothekarbank Lenzburg AG, implemented Switzerland’s first Open Banking platform. The project was awarded the Euro Finance Tech Award for the best cooperation between bank and fintech in 2017, and the 2019 Finance IT Innovation Award. In 2018, the ndgit API platform won the CEE Fintech Challenge, the largest fintech competition in Central and Eastern Europe.
Konsentus protects Financial Institutions for PSD2 Open Banking. Their Software as a Service (SaaS) solution consolidates data from a multitude of databases and registers, deploying the information to our customers in real-time enabling them to comply with PSD2 Open Banking access to accounts. Issued through simple cloud-based RESTful APIs, the easy to implement service helps Financial Institutions reduce risk, limit liability and fight fraud by ensuring data is only ever given to legitimate and regulated Third-Party Providers (TPPs).
Headquartered in the UK, with teams across Europe, Konsentus’ world-class TPP identity and regulatory checking solution gives Financial Institutions the confidence they need to grow their business whilst knowing their customers are protected and they are delivering against regulatory requirements.