The TPP regulatory checking sandbox provides the ability to test the services that support Open Banking Compliance.
Konsentus, a RegTech solutions business who facilitate checking the regulatory status of Third Party Providers enabling Financial Institutions to be PSD2 open banking compliant is pleased to announce the launch of Europe’s first TPP regulatory checking sandbox.
The Konsentus TPP regulatory checking sandbox provides Financial Institutions (FIs) and developers with the ability to create code and test the essential regulatory checking services that support PSD2 open banking compliance. The EBA register, that has been announced, is not a machine readable, real-time, online database. Whereas the Konsentus service will facilitate real-time regulatory checking of TPPs, confirming their authorisation or registration status, assisting FIs to reduce the financial losses from fraudulent third parties.
“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.” He went on to say “March 2019 is only 7 months away and for all 9,000 FIs in Europe to be ready it is going to be challenging”
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About Konsentus
Konsentus is a RegTech company that was established to provide consent & preference management services to financial institutions so that they can comply with PSD2 and open banking. Konsentus issue 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, confident in the knowledge that they are only providing data to Third Party Providers (TPPs) who are regulated, and have the customers “explicit” consent to use their data.
The company 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.
Headquartered in the UK, just outside of London our team of professionals are creating a world class solution for every FI in Europe. We are delivering this through utilizing the best in open standards, coupled with unique solutions and most of all a belief that we can deliver for clients a cost-effective solution to their regulatory requirements.
