Konsentus

Konsentus: Protecting Financial Institutions and their Customers from Open Banking-related Risk

Konsentus is an award-winning SaaS solution that helps protect financial institutions and their customers from open banking-related risk. The company provides a range of services that help identify and validate third-party providers (TPPs) requesting access to customer accounts, ensuring that only legitimate TPPs are granted access.

Open banking has revolutionized the financial industry by allowing customers to share their financial data with third-party providers. This has led to increased competition, innovation, and better services for customers. However, it has also created new risks for both financial institutions and their customers.

One of the biggest risks associated with open banking is fraud. Fraudsters can use fake TPPs to gain access to customer accounts, steal sensitive information or money. This can result in significant losses for both the customer and the financial institution.

Konsentus helps mitigate this risk by providing a range of services that help identify legitimate TPPs requesting access to customer accounts. The company uses advanced technology such as machine learning algorithms, artificial intelligence (AI), and big data analytics to analyze vast amounts of data in real-time.

Konsentus' solution is designed specifically for banks, payment service providers (PSPs), e-wallet providers, card issuers, credit unions, building societies or any other regulated entity under PSD2 or Open Banking regulations across Europe.

The company's platform provides real-time validation checks on all incoming requests from Third Party Providers (TPPs) against regulatory registers including FCA UK Open Banking Directory & EBA Register; ensuring only authorized TPPs are granted access while blocking unauthorized ones before they can cause any harm.

In addition to its core validation service Konsentus offers additional features such as:

- Consent Management: A consent management system which allows end-users control over who accesses their account information.

- Regulatory Reporting: A reporting tool which enables firms to demonstrate compliance with PSD2 and Open Banking regulations.

- TPP Onboarding: A service that helps TPPs register with regulatory authorities.

Konsentus' solution is easy to integrate into existing systems, making it a cost-effective way for financial institutions to protect themselves and their customers from open banking-related risk. The company's platform is also highly scalable, allowing it to handle large volumes of requests in real-time.

Konsentus has won several awards for its innovative solution, including the Best Open Banking Solution at the 2020 PayTech Awards. The company has also been recognized by industry experts such as Gartner and KPMG.

In conclusion, Konsentus is a leading provider of open banking-related risk management solutions. Its award-winning SaaS platform helps financial institutions protect themselves and their customers from fraud by identifying legitimate third-party providers requesting access to customer accounts. With its advanced technology, easy integration, scalability and additional features such as consent management and regulatory reporting; Konsentus provides a comprehensive solution that meets the needs of banks, PSPs or any other regulated entity under PSD2 or Open Banking regulations across Europe.