Konsentus to offer OBIE sandbox

Konsentus to offer OBIE sandbox
09.10.2018 06:58 am

Konsentus to offer OBIE sandbox

RegTech

Konsentus, a RegTech solutions business, which facilitates checking the identity and regulatory status of Third-Party Providers (TPP), enabling Financial Institutions (FIs) to be PSD2 open banking compliant, is pleased to announce an update to their TPP regulatory checking sandbox so that it now offers solutions based on the United Kingdom Open Banking Implementation Entity (OBIE) standards. 

Konsentus will launch the OBIE Standards Sandbox at Pay Expo, taking place 9 - 10 October at the Business Design Centre, London, where UK Open Banking takes centre stage with Imran Gulamhuseinwala, Implementation Trustee at the OBIE providing the opening keynote on the progress made to date, and the potential and opportunities that lie ahead for open banking.

The OBIE is one of a number of organisations including: STET, The Berlin Group, PolishAPI Project etc. that are designing the specifications for the APIs that FIs use to securely provide open banking services and to support regulated TPPs and FIs to use the PSD2 open banking services. None of these standards are mandatory, and FIs can decide to develop their own APIs independently as long as they comply with PSD2 regulation.

Konsentus will announce shortly further developments to support the other standards in their Sandbox for TPP identity and regulatory checking.

With the Konsentus TPP identity and regulatory checking OBIE sandbox, FIs and developers will be able to build and test, in advance of the March 14, 2019 deadline, the essential checking services that support PSD2 open banking compliance if they are using the OBIE standards. Konsentus, with their real-time, on-line identity and regulatory checking of TPPs, assists FIs to comply with PSD2 and ensure only regulated TPPs can access Payment Service Users accounts.

Brendan Jones Chief Commercial Officer of Konsentus said “FIs now have less than 6 months to develop, test and build their PSD2 open banking solutions, before the March 2019 deadline when they need to be live for external testing. With the severe time pressure upon them, the availability of this TPP regulatory checking sandbox will be a crucial aid to the payments industry as they work towards proving their compliance, and we are pleased to announce at the time of PayExpo the launch of a solution based on the OBIE API standards.”

Related News

MUFG Europe Selects Wolters Kluwer for Regulatory Reporting and Risk Software in Germany and The Netherlands

MUFG Europe, the European subsidiary of Japan’s Mitsubishi UFJ Group, has chosen Wolters Kluwer’s OneSumX software to manage a number of regulatory and risk reporting... Read more »

ACA Compliance Group Selected for RegTech 100 for 2019

The RegTech 100 recognizes the most innovative companies providing technology solutions that address the challenges of dealing with regulatory issues within financial services... Read more »

ClauseMatch named to the RegTech 100 list of the pioneering companies transforming compliance, risk management and cybersecurity for 2019

ClauseMatch, a London-based regulatory technology company with a unique SAAS offering for financial institutions, has been selected to the list of the world’s most innovative... Read more »

ENCOMPASS HIGHLY COMMENDED IN REGULATION ASIA REGTECH AWARD

encompass has been highly commended in the RegTech category for AI & Machine Learning in the inaugural Regulation Asia Awards for Excellence 2018 at a... Read more »

ClauseMatch recognised as one of the leading RegTech firms 2018 by CB Insights

CB Insights named ClauseMatch to the second annual Fintech 250 list, a... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App