UK, 18th January 2021
Konsentus announced today that it has acquired Open Banking Europe S.A.S. from PRETA.
Open Banking Europe S.A.S., a 100% owned subsidiary of Konsentus Limited, will remain a separate operating entity which will continue to be led by John Broxis. The software solutions of Open Banking Europe will be directly integrated into the Konsentus business.
Formed in June 2017, the Open Banking Europe (OBE) initiative has been hugely successful in bringing together market participants to turn regulatory requirements into operational reality. The initiative provides its members with a collaborative environment to identify market issues and problems, championing awareness and creating solutions via guidance,
standards and tools.
Konsentus was launched in 2018 to enable the safe and secure exchange of data and funds complying with PSD2 open banking access to accounts. The Directors, Mike Woods and Brendan Jones, recognised the need for a real-time, online solution to protect financial institutions against PSD2 Open Banking fraud. This also presented them with a global opportunity to be a leader in the provision of solutions and services for open banking,
finance and data.
Like Konsentus, OBE identified the need for a single, standardised, trusted and machine-readable repository of regulatory data related to third-party providers (TPPs), which led to the set-up of the OBE ‘Regulatory Directory’. The Directory consolidates information from the National Competent Authority registers, making it available in a way that is easy to access and process. It is used by over 500 of the largest financial institutions across Europe to support PSD2 access to account compliance processes.
Through a close co-operation with Konsentus over the coming months, PRETA, a fully-owned subsidiary of EBA CLEARING, will strive to ensure a smooth operational handover for all parties involved.
The Open Banking Europe Community will complement the work Konsentus is already doing to support the safe and secure exchange of financial and non-financial information between payment service providers and other market players for the benefit of the wider digital economy.
About Open Banking Europe
Open Banking Europe (OBE), a PRETA initiative, was launched in June 2017 with the aim of fostering innovation, competition and efficiency to increase consumer choice and enhance security for online payments in the EU. To do that, Open Banking Europe brings market players together to turn regulatory requirements into operational reality and to provide the
industry with PSD2 directory services. The full list of account-servicing payment service providers (AS-PSPs) and third-party providers (TPPs) that have joined the initiative so far can be found here.
Konsentus provides confidence in Open Banking. Our Software as a Service (SaaS) solution, Konsentus Verify, consolidates data from a multitude of regulatory databases and registers, providing the information to our customers in real-time enabling them to comply with PSD2 Access-to-Account. Issued through cloud-based RESTful APIs, our 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 operations across Europe, our world-class TPP identity and regulatory checking solution, Konsentus Verify, gives Financial Institutions the confidence they need to grow their business whilst knowing their customers are protected and they are delivering against regulatory requirements. Konsentus is ISO 27001 certified.
+44 (0) 07437 190014