Konsentus has acquired Open Banking Europe SAS from PRETA. Following the deal, Open Banking Europe SAS, a 100% owned subsidiary of Konsentus, will remain a separate operating entity.
The software solutions of Open Banking Europe will be directly integrated into the Konsentus business.
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Open Banking Europe (OBE) set up in June 2017. It has been successful in bringing together market participants to turn regulatory requirements into operational reality. The initiative provides its members with a collaborative environment to identify market issues and problems. Moreover, it champions awareness and creates solutions via guidance, standards and tools.
UK headquartered RegTech Konsentus launched Europe’s first TPP regulatory checking sandbox in 2018.
It enables the safe and secure exchange of data and funds complying with PSD2 open banking access to accounts.
Konsentus carved a niche as a result of the EBA register not being a machine readable, real-time, online database.
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By GlobalDataKonsentus’ service facilitates real-time regulatory checking of TPPs and confirms their authorisation or registration status. This enables financial institutions to reduce financial losses from fraudulent third parties.
And in June 2019, Mastercard acted as lead investor in a multi-million-pound Pre-Series A financing round for Konsentus.
OBE Regulatory Directory: used by over 500 large financial institutions
Like Konsentus, OBE identified the need for a single, standardised, trusted and machine-readable repository of regulatory data related to TPPs. This led to the set-up of the OBE ‘Regulatory Directory’. The Directory consolidates information from the National Competent Authority registers, making it available in a way that is easy to access and process. It is used by over 500 of the largest financial institutions across Europe to support PSD2 access to account compliance processes.
Through a close co-operation with Konsentus over the coming months, PRETA, a fully owned subsidiary of EBA Clearing, will strive to ensure a smooth operational handover for all parties involved. The Open Banking Europe Community will complement the work Konsentus is already doing to support the safe and secure exchange of financial and non-financial information between payment service providers and other market players for the benefit of the wider digital economy.
Konsentus and OBE: ‘obvious next step’
Mike Woods, CEO, Konsentus, states: “Working with PRETA’s Open Banking Europe was an obvious next step. It accelerates our European expansion and cement our position as market leader. We are delighted to welcome the clients of PRETA OBE to Konsentus. And we are proud that over 500 financial institutions, including some of the biggest and most prestigious banks within Europe, will also become Konsentus clients.
I am delighted that John Broxis, who was MD of PRETA’s Open Banking Europe initiative, is joining the Konsentus team. This will ensure a smooth transition. In addition, his vast industry expertise will be invaluable in uniting the open banking ecosystem and global community.”
Giorgio Ferrero, PRETA adds: “We identified the need for Open Banking Europe to grow beyond its incubation stage and move to the next level in an accelerated manner. With their global expansion plans, product pipeline and fast-growing partner and customer base, Konsentus is well-placed to pursue the initial ambition for OBE Europe to boost safe and secure Open Banking globally. We are pleased to bring our OBE clients to this thriving environment. They will continue to be well served by Konsentus and John Broxis, and can benefit from new and innovative Open Banking services on a European and global scale.”
