Konsentus, an identity and regulatory checking service provider, will support Moneyou with its PSD2 open banking offerings through a new partnership.
Moneyou, a subsidiary of Dutch bank ABN AMRO, will make use of Konsentus’ third party provider (TPP) identity and regulatory checking software. This will enable Moneyou to stay PSD2 and GDPR compliant through open banking by ensuring only authorised and regulated third parties can access their customers’ transaction accounts.
Konsentus CEO Mike Woods said, “We are delighted to deliver our services to Moneyou. As an innovative bank that prides itself on offering a simple and frictionless customer experience, Konsentus is an ideal technology platform for them. Our solution will allow Moneyou to have confidence that they can expand their services offering a consistent experience for their customers.”
The SaaS-based TPP service is delivered via an API and will integrate into Moneyou’s digital platform.
Moneyou chief operations officer Theo van Bon said, “We strive to incorporate the latest technology and solutions in a smart way to ensure we offer a first-class digital banking experience to our customers. Konsentus supports us in ensuring we protect our customers in line with the PSD2 open banking directive, as we continue to evolve our products and services.
“Any time our Moneyou customers access and use their accounts they can do so with complete confidence that the regulatory status of any (by the individual customer consented) third- party payment service providers accessing their accounts has been checked by Konsentus.”
Konsentus provides financial institutions with identity and regulatory checking services to aid their PSD2 and open banking compliance processes. The UK-headquartered startup delivers real-time validation of TPPs and whenever one requests access to a financial institution, Konsentus checks its regulated status and advises the FI.
Earlier in the month, Konsentus closed its pre-Series A funding round on a multi-million-pound figure. While the value of the investment was not disclosed, Mastercard served as the lead investor.
The RegTech startup has made a handful of partnerships this year, most recently teaming with Neonomics. The agreement gives clients of Neonomics, an inter-bank solution helping banks and third-party providers work together for account aggregation, can access Konsentus to ensure PSD2 compliance and guard their transaction account customers from unregulated and unauthorised third-parties.
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