W2, a provider of SaaS, B2B software solutions and services, has today announced a partnership with Konsentus Ltd, the leading online, machine readable, real-time service that provides Account Servicing Payment Service Provider (ASPSPs) with the Third-Party Provider (TPP) identity and regulatory checking services required to comply with PSD2 Open Banking access to accounts.
By teaming up with Konsentus, W2 will be offering the essential identity and regulatory checking service to their clients, ensuring the financial institutions have the right tools to meet their compliance obligations ahead of the September 14th, 2019 when all FI’s, EMI’s and PI’s must be compliant with the European Union Payment Services Directive (PSD2).
The SaaS-based platform provides real-time validation of TPPs and every time one requests access to a financial institution, Konsentus checks its regulated status and advises the FI.
W2 has been trading since 2011 as a trusted provider of SaaS, B2B software solutions and data services enabling organisations to achieve regulatory compliance in relation to KYC (Know Your Customer), combatting fraud, AML (Anti Money Laundering) protection and frictionless customer on-boarding.
Over 100 organisations around the world rely on data and/or services provided by W2 to meet their regulatory or risk management requirements, and W2 have partnered with some of the world’s largest data providers to ensure their customers get simple access to reliable information.
The unique W2 solutions require minimal implementation and simplify how organisations conduct regulatory customer due diligence on individuals, organisations, suppliers, staff, tenants and employees on an international scale.
Konsentus is a RegTech company that was established to provide Identity & Regulatory checking services to Financial Institutions so that they can comply with PSD2 and open banking. Issued through a SaaS based platform it enables Financial Institutions (ASPSPs) to comply with EU regulation on PSD2 Open Banking 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 customers’ “explicit” consent to use their data.
Headquartered in the UK, Konsentus is creating a world class solution for every Financial Institution in Europe. This is being delivered through utilising the best in open standards, coupled with unique solutions and most of all a belief that they can deliver for clients a cost-effective solution to their regulatory requirements.