DenizBank, a subsidiary of DenizBank Financial Services Group, has joined forces with Konsentus to enhance its open banking operations.
The bank operates in Austria and Germany.
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This collaboration will support the bank’s diverse range of retail and commercial banking services while addressing the challenges posed by evolving regulatory requirements.
The integration of Konsentus Verify will facilitate the automation of third party provider (TPP) validation, a critical aspect of maintaining a secure open banking environment.
Konsentus CCO Brendan Jones said: “DenizBank is committed to providing innovative and secure digital banking services, and we are proud to support them in delivering compliant open banking experience.
“Our platform is designed to scale with our clients’ needs – helping them meet regulatory obligations today while staying ahead of tomorrow’s challenges.”
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By GlobalDataKonsentus Verify provides real-time, standardised information on regulated entities within the European Economic Area (EEA).
This capability allows financial institutions to mitigate risks associated with unreliable data sources, which could potentially enable unauthorised TPPs to access customer accounts and funds.
By implementing this solution, DenizBank aims to lower operational costs and reallocate resources towards strategic initiatives and improving customer service.
DenizBank CRO Darijo Batinic said: “Konsentus Verify stood out as a solution that not only delivered on compliance and risk mitigation but also aligned closely with our internal operations.
“As a deep-rooted player in the Austrian and German markets, we needed a solution that was quick to implement, cost-effective and capable of adapting to regulatory developments like PSD3 and FiDA.”
Established in 1996, DenizBank serves more than 20 million customers across 13 countries.
