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.”