Konsentus, the first API based permission and consent management solution,
enabling Financial Institutions (FIs) in Europe to meet PSD2 open banking requirements has been launched by three payment industry heavyweights.
With more than an estimated 8,500 regulated companies offering transaction accounts in Europe, there is demand for a simple service enabling companies offering their own APIs to ‘Third Party Providers’ to outsource the regulatory burden of access of permission management effectively and cheaply.
Konsentus will issue the consent management tokens on behalf of FIs through a SaaS platform, enabling the FIs to comply with EU regulation and provide open banking services to their customers, confident in the knowledge that they are only providing data to Third Party Providers (TPPs) who are regulated, and have the customers “explicit” consent to use their data.
The use cases and data flows for consent management and preferences services require to be flexible, but secure, to meet the demands of an ever evolving market landscape, and as such, Konsentus services will be continually developed to meet the requirements of other regions/countries as they move towards the adoption of open banking both initially inside the EU and longer term in other potential markets such as the US, India, Australasia and Canada
Mike Woods, founder and CEO of Konsentus said: “After all my years in the industry it is great to be launching a company that is truly unique in its offering to a market opportunity that in itself is totally new as a result of PSD2.
“With over 8,500 Banks, Credit Unions, EMIs, PIs all offering transactional accounts that must provide open access APIs we believe the opportunity for a solution like ours to support these organisations, removing their regulatory burden is very significant.”
Headquartered just outside London, Konsentus has been set up Mike Woods (ex e-commerce executive at NatWest and founder/CEO of Aconite Technology), Brendan Jones (former Product Development Director at MBNA) and David Parker, CEO of Polymath Consulting.