Bankdata selects Konsentus Verify to offer TPP regulatory & checking services

By Megha Bhattacharya

Konsentus announced today the IT Financial Services company, Bankdata has selected the former’s services to offer Third Party Provider (TPP) regulatory & checking services to all their customers in Denmark. Konsentus’ Verify is a SaaS-based API solution that provides financial institutions with a real-time TPP identity and regulatory checking services. The company states that the solution can be integrated alongside existing risk solutions for protecting customers from Open Banking fraud.

Senior Consultant, Allan M. Thomsen, Bankdata stated, “We select new technologies to help our banks grow and remain competitive. Our customers need to be confident that they can participate in the Open Banking ecosystem without exposing themselves to the risks of fraud. Konsentus Verify complements our existing risk tools by ensuring that our customers only ever provide data to Third Party Providers who are regulated and have explicit end-user consent for their data to be used.”

Owned by nine Danish banks, Bankdata is a financial IT development house in Denmark, offering complete IT solutions for the financial sector. This partnership adds Bankdata to the growing number of financial institutions leveraging Konsentus Verify for preventing unauthorised or fraudulent TPPs being given access to end-user transactional account data.

Mike Woods, CEO at Konsentus, commented: “Bankdata creates, implements and runs high quality IT systems. We are delighted they recognised that Konsentus Verify could provide their customers with a safe and secure Open Banking solution protecting them from the risk of fraud.”