Brankas and Konsentus to launch Banking as a Service Platform

By Gloria Mathias

Konsentus has partnered up with Brankas to enable financial institutions, central banks, and regulators to accelerate their open finance journeys. The integrated technology solutions will deliver ease of use, security, and cost-efficiency for those setting up or participating in open ecosystems.

The Brankas Open Finance Suite (OFS) offers banks an out-of-the-box vendor and API management system tailored to the needs of digital banks. The Konsentus technology is integrated into OFS’ core components to enable onboarded vendors to deliver safe and secure data exchange in a consistent, automated, and reliable way.

Konsentus’ trusted data enables informed decisions to be made when identifying and validating third parties requesting customer account access unlocking an open and secure BaaS platform that can be customised to a bank’s needs to expand its ecosystem and add new revenue streams safely and confidently.

“Legacy banking infrastructure often cannot meet today’s needs, whether it relates to swift vendor onboarding or integration with new platforms to expand technical capabilities. Konsentus and Brankas address those needs with an open banking platform that provides banks with the agility and security they demand,” said Todd Schweitzer, CEO and Co-founder of Brankas.

Mike Woods, CEO of Konsentus, noted, “There isn’t a one-size-fits-all approach to Open Finance. In Brankas we recognise a partner who shares our objective of putting the customer first and being able to tailor products and services accordingly.  We also have the same desire to integrate easily with existing infrastructure and systems so I’m delighted that we will be working together with banks and regulators to realise their ambitions.”

Konsentus provides SaaS technology solutions for participants in open banking and open finance ecosystems. It provides a protected environment for data and funds to be exchanged in a reliable, consistent, and automated way. The Konsentus Open Trust Platform provides all the components required to build, manage, and maintain protected and secure centralised open ecosystems.

Brankas is a global open finance technology provider. It provides API-based solutions, data, and payment solutions for financial service providers (like banks, lenders and e-wallets) and online businesses.