Konsentus partners with Ozone to speed up open banking adoption

Konsentus has joined forces with Ozone, a provider of open banking APIs, for an end to end solution capable of accelerating PSD2 open banking adoption.

Ozone API is a platform that helps financial institutions deliver open banking APIs, and help them addresses both regulatory and commercial requirements for an open API.

The platform enables financial institutions accelerate their implementation of open APIs, reduce the cost of ownership, and offers a future-proofed platform for growth.

Konsentus CCO Brendan Jones, commented: “To successfully compete in the open banking ecosystem requires banks to have PSD2 open banking compliant APIs in place and to ensure any third parties accessing them are legitimate and known entities.

“By partnering with Ozone we can offer our customers an end to end open banking solution which is quick and easy to integrate and protects our customers from the risk of fraud.”
Konsentus Verify provides real-time TPP identity and regulatory checking services for financial institutions

Konsentus said that open banking will help customers better control and access their transactional account data by allowing regulated Third-Party Providers (TPPs) to initiate payments and access customer account data.

Konsentus Verify is a SaaS based API solution to provide real-time TPP identity and regulatory checking services for financial institutions.

The tool can be easily deployed and helps financial institutions to protect their customers from the risk of open banking fraud.

Ozone API chief commercial officer Huw Davies said: “Delivering open APIs creates new challenges for banks as they look to securely engage with TPPs, manage customer consent and deliver it all in line with standards.

“By partnering with Konsentus we can ensure our customers across Europe have additional tools to validate TPP authorisations and mitigate the risks of fraudulent TPPs gaining access to end user account information and funds.”

In June last year, payment technology giant Mastercard made an undisclosed investment in UK-based RegTech company Konsentus.