Konsentus, Token.io partner to offer an accelerated PSD2 compliance solution

Konsentus has formed a strategic partnership with Token.io to provide European financial institutions with an accelerated solution for PSD2 compliance.

The deadline for financial institutions to have their systems ready for external testing passed earlier in the month. This partnership is aimed at helping those which missed the date, by giving them a fast-track solution for PSD2 compliance.

Token’s SaaS-based PSD2 API will give financial institutions the functionality for PSD2’s Regulatory Technical Standards (RTS), including readiness for external testing and full production by PSD2’s final deadline of 14 September.

Through the deal, Konsentus will provide automated checking and verification of third-party providers which request access to a bank’s data and payment system.

The combined solution will be based on the TokenOSTM solution which offers open APIs and programable technology for monitoring, reporting and consent management, among other services.

Token is a single API developer which aims to support banks and third-parties with PSD2 compliance. The platform enables both players to connect and build bank direct payment methods and data aggregation solution for customers.

Earlier in the week, Token partnered with Tandem Bank to help it meet its PSD2 compliance requirements and leverage open banking capabilities.

Konsentus chief commercial officer Brendan Jones said, “Combining our identification and regulatory checking services with Token’s open banking platform delivers a true fast-track to compliance. Together, our ‘plug and play’ proposition is really powerful, especially for those under pressure to meet the regulatory requirements.”

UK-headquartered Konsentus provides financial institutions with identity and regulatory checking services to aid their PSD2 and open banking compliance processes. The SaaS-based platform provides real-time validation of TPPs and every time one requests access to a financial institution, Konsentus checks its regulated status and advises the FI.

Earlier in the year, the company signed seven new partners on to its TPP platform, including PSI-Pay, Transact Paytments, Forgerock and Fiorano.