UK, 25th November 2020: Konsentus today announced it has launched an international infrastructure platform with the ability to accelerate a country’s implementation of open banking.
The Konsentus Open Banking Hub (OB Hub), a SaaS-based solution, runs in a national cloud infrastructure, has end to end functionality and helps create, support and secure vibrant open banking economies across the globe.
The OB Hub removes the complexity involved in setting up a central and secure open banking ecosystem within a country, enabling regulated entities to quickly and easily share data and execute payment transactions with each other. The OB Hub has three core components.
i) Participant on-boarding and registration services
Through Identity and Verification services, authorised participants (both organisations and individuals) can register and on-board within the open banking ecosystem enabling them to share data and execute payment transactions with other regulated entities in a secure and safe environment.
ii) Directory Services
A central directory service that participants can access in real time, online, 24/7 to verify the identity and regulatory status of individual entities when transaction requests are made. The OB Hub is a central repository of the latest available regulatory information on all registered and regulated entities. This includes performance and availability data, contact details, data updates and revocation information and history for all participants
iii) Certificate Authority
The OB Hub issues and manages the digital credentials of all participants in the open banking ecosystem. This enables participants to positively identify themselves to other regulated entities in order to perform open banking transactions such as sharing data and executing payment transactions.
The OB Hub provides a rich data management system enabling national authorities to monitor the adoption and success of open banking in their country. An immutable audit log is a record of all transaction requests, providing valuable information for dispute management processing. Quick and easy to set up, OB Hub provides a trusted central system, enabling all regulated entities to interact with each other in a safe and secure environment.
Additional elements of the OB Hub enable publication of National API standards, a third- party provider (TPP) testing sandbox, a central API and App marketplace, and an API monitoring service to show real time national API performance.
All the above comes with a secure messaging platform for participant to participant messaging reporting and a dedicated helpdesk for support services.
In addition to the onboarding, directory and certificate checking services, the complete Konsentus OB Hub solution delivers a programme management forum to educate market participants, alongside testing and support services to enable a fully functioning national open banking environment.
Mike Woods, CEO, Konsentus, commented “The creation of a central open banking platform enables us to help individual countries realise their open banking ambitions without having to understand, build and execute their own systems. We already deliver first-class technology that’s scalable, resilient and built for maximum availability. Data consolidation, standardisation and formatting in a secure real-time, online environment are why we are global leaders in our field and the trusted partner for safe and secure open banking economies.”
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.
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