Konsentus announced today that it has partnered with open banking advisory company Open Vector to enable Financial Institutions in Latin America and Canada to implement open banking and benefit from real-time TPP identity and regulatory checking.
Open Banking enables 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. Latin America is one region that has a thriving Fintech sector and countries such as Brazil and Mexico are advancing in implementing open banking, based on the UK’s experience, aiming to promote competition and to support innovation and financial inclusion.
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. Quickly and easily deployed, Konsentus Verify enables Financial Institutions to protect their customers from the risk of open banking fraud.
Open Vector Limited advises Governments, Financial Institutions and Fintechs on the key pillars needed to implement and integrate open banking / open finance solutions. Carlos Figueredo, who was Head of Data Standards for the UK Open Banking Implementation Entity (OBIE) and oversaw its ISO 20022 based standards development, is working with Financial Institutions and Governments to help them implement safe and secure open banking platforms and protect their customers.
Carlos Figueredo, Founder Open Vector stated: “We work with Financial Institutions to advise them on the best solutions available in the market to enable them to innovate and remain competitive. By partnering with Konsentus we can ensure our clients can participate in the open banking ecosystem without exposing themselves to the risks of fraud.”
Brendan Jones, CCO at Konsentus, commented: “Carlos and his team are subject matter experts and experienced individuals, particularly in the drive towards open banking we’re currently seeing both in Latin America and Canada. They pride themselves in their mission to promote true social and financial inclusion to the banked and, importantly, the unbanked.”
Open Vector joins an established list of partners working with Konsentus to enable trust in the Open Banking ecosystem ensuring that unauthorised or fraudulent TPPs are never given access to end user transactional account data.