Konsentus partners with Ozone to accelerate PSD2 open banking adoption

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Open banking solutions provider Konsentus announced that it has partnered with open banking API provider Ozone in a bid to deliver an end-to-end solution for speeding up PSD2 open banking adoption.

Konsentus’ Verify is a SaaS-based API solution that offers financial institutions with real-time TPP identity & regulatory checking services and enables them to protect their customers from the risk of open banking fraud.

Ozone thus joins Konsentus’ lit of partners for boosting the open banking ecosystem and ensuring that unauthorised or fraudulent TPPs are never given access to end-user transactional account data.

Huw Davies, Chief Commercial Officer, commented, “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.”

Ozone’s API aims to help financial institutions to deliver open banking APIs and enabling them to meet both regulatory and commercial requirements for an open API. It allows financial institutions to accelerate their implementation of open APIs, reduce the on-going cost of ownership, and provide a future-proofed platform for growth.

Brendan Jones, CCO at Konsentus, 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.”