Konsentus today announced that they have been selected by Mastercard to deliver Third Party Provider (TPP) identity and regulatory checking solutions, as part of Mastercard’s new suite of Open Banking services.
Announced in June 2018, Mastercard’s services will include:
- A pan-European directory to help Financial Institutions ensure that TPPs seeking access to a customer’s account are legitimate and hold the appropriate regulatory status;
- A dedicated dispute resolution mechanism; and
- A connectivity hub
Together, Mastercard and Konsentus are keen to ensure Financial Institutions have access to the right tools not only to meet their regulatory obligations, but also to enable them to realise the full potential of the open banking opportunity, whilst fully addressing their customers’ growing needs and expectations.
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.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.