Konsentus has launched an analysis tracker to monitor the progress of Open Banking across the European Economic Area. November analysis shows that since the implementation of the PSD2 Regulatory Technical Specification for Strong Customer Authentication and Common Secure Communications, growth of Third-Party Providers across the EEA has steadily increased.
What is evident from the data however is that passporting adds a new dimension. Every country across the EEA now has TPP coverage for the first time.
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Is the market ready and have Financial Institutions ensured they have the required solutions in place to meet demand?
Mike Woods, CEO Konsentus says: “We’ve seen a real shift over the past few months. It now doesn’t matter which country you’re in, all Financial Institutions across the EEA need to be ready to let legitimate TPPs access payment user account data – those that aren’t are putting their customers at risk”.
The rest of Europe needs to catch up
Brendan Jones, CCO Konsentus adds: “With the UK seeing a 25.3% increase in the number of successful API calls being made from August to September, where the total reached 138.5 million, the rest of Europe needs to catch up.
“We’re seeing a steep upward trajectory. Many TPPs now have passporting rights to provide services across Europe to meet consumer demands afforded by the flexibility of Open Banking.”
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By GlobalDataAt the RBI European Awards on 14 November ABN AMRO subsidiary Moneyou was recognised for its initiative with Konsentus. Moneyou won the award for best security innovation.
RBI Award win for Moneyou/Konsentus
The Konsentus TPP regulatory and Identity checking service is providing Financial Institutions with a ready-made solution enabling them to comply with PSD2 Open Banking regulation and prevent unauthorised and fraudulent access to their Open Banking APIs.
Across Europe, implementation of PSD2 Open Banking came into force on 14 September 2019 and affects over 9,000 FIs. Providing open access to APIs creates an operational risk and the prospect of fraudulent activity by unauthorised TPPs. As well as financial loss through fraudulent payments, passing data to unauthorised entitles would also be in breach of both PSD2 and GDPR.
Konsentus offers FIs the only low cost, easy deployable PSD2 schema compliant service, delivering all the functionality required by a FI to validate the identity of a TPP and its most up to date regulated status.
Moneyou is a model case of a financial institution making informed risk management decisions protecting PSU data.
