Bankdata selects Konsentus for regulatory and checking services in Denmark

PSD2 is an EEA regulation enabling payment users to have better control of and access to their transactional account data by giving regulated third-party providers the ability to initiate payments and access customer account data.

Konsentus Verify is the only SaaS based API solution in the market providing Financial Institutions with real-time Third-Party Provider (TPP) identity & regulatory checking services. When a Financial Institution gives access to a TPP through their dedicated interface, they need to be confident that they are not putting their customers’ data at risk. Konsentus Verify can be easily integrated alongside existing risk solutions to protect Financial Institutions and their end customers from the risk of Open Banking fraud.

Bankdata is one of the largest financial IT development houses in Denmark, providing complete IT solutions for the financial sector. Owned by nine Danish banks, their owners are also their customers.

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.”

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

Bankdata joins a fast-growing number of Financial Institutions using Konsentus Verify to prevent unauthorised or fraudulent TPPs being given access to end user transactional account data.