Mastercard selects Konsentus to deliver Third Party Provider (TPP) identity and regulatory checking solution. The agreement is an integral part of Mastercard’s new suite of Open Banking services.
Announced in June 2018, Mastercard’s services will include:
- A pan-European directory to help Financial Institutions ensure that TPPs seeking access to a customer’s account are legitimate. And in addition that they hold the appropriate regulatory status;
- A dedicated dispute resolution mechanism; and
- A connectivity hub
Mike Woods, Chief Executive of Konsentus, comments:“Konsentus has created a best in market solution. This ensures that Financial Institutions only ever provide data to approved TPPs. Moreover this ensures that they comply with both PSD2 and GDPR.
“We are delighted to have been selected by Mastercard and look forward to working closely together as the European PSD2 and wider global open banking markets develop.
Mastercard selects Konsentus – a compelling Saas solution
“We offer checking of both eIDAS certificates and regulatory status, using data from all EEA National Competent Authorities. Specifically, this reflects the compelling SaaS solution that Konsentus has taken to market”.
Jim Wadsworth, SVP at Mastercard subsidiary Vocalink, leads the development of Mastercard’s Open Banking offering.
He adds: ““Konsentus will be a strategic partner, providing an important element of the overall package of services. This helps facilitate the creation and development of a vibrant and successful open banking ecosystem.
“We work with innovative, best-in-class Fintechs around the world to leverage the latest technologies to benefit our customers. Konsentus is another great example of this approach.”
Together, Mastercard and Konsentus are keen to ensure Financial Institutions have access to the right tools. This agreement helps FIs meet their regulatory obligations.
It enables them to realise the full potential of open banking while fully addressing customers’ growing needs and expectations.
News that Mastercard selects Konsentus as a key partner comes exactly one year after the launch of the fintech.