Fidor Solutions Selects Konsentus for PSD2 Third Party Providers (TPPs) Identity and Regulatory Checking
Konsentus RegTech service will be implemented by Fidor Solutions to ensure Fidor Bank, along with other Platform as a Service clients, best protect their customers while using open banking services.
Munich, London, 27 June 2019: Konsentus and Fidor Solutions announced today that Fidor Solutions AG, a fully-owned subsidiary of Fidor Bank, specialising in Platform as a Service and digital banking solutions, has selected the leading RegTech provider Konsentus to support the roll-out of its PSD2 open banking offering.
Konsentus’ Third Party Providers (TPPs) identification platform will be integrated into fidorOS (fOS), Fidor Solutions’ proprietary API digital banking platform, offering an off-the-shelf PSD2 and open banking compliant solution to bank clients. The first client deployment will see Germany’s neobank, Fidor Bank, use this service to perform TPPs Identity & Regulatory checking – a core component of the PSD2 directive. In addition to Fidor Bank, the Konsentus solution will ensure PSD2 and GDPR compliance for all Fidor Solutions’ bank clients by securing access to end customers’ accounts and data to only fully authorised and regulated third parties.
As a SaaS cloud-based platform powered by API, Konsentus offers a plug-and-play RegTech solution for TPPs’ identification. Its platform will integrate and work in conjunction with the essential banking functions provided by Fidor Solutions’ fOS digital banking platform, allowing a ground-breaking customer-centric banking experience through best-in-industry collaboration.
As Dr Michael Maier, CEO at Fidor Solutions stated: “One of Fidor’s key value propositions is to provide a frictionless banking experience, and Konsentus supports us in delivering on this promise. As we roll out new services to our digital banking customers in line with the PDS2 open banking directive, we can do so with full confidence that Konsentus protects our customers, while allowing a wide range of third-party payment service providers to securely access their transaction accounts.”
Mike Woods, CEO at Konsentus, commented: “We are delighted to deliver our services to Fidor Solutions and their bank clients. For Fidor Solutions and their B2B clients who are focused on delivering a customer centric experience through innovation and speed, Konsentus is a great fit. Our offering will enable Fidor Solutions to quickly provide enhanced value to their clients.”
Konsentus is a RegTech company that was established to provide Identity & Regulatory checking services to Financial Institutions so that they can comply with PSD2 and open banking. Issued through a SaaS based platform it enables Financial Institutions (ASPSPs) to comply with EU regulation on PSD2 Open Banking and provide open banking services to their customers, confident in the knowledge that they are only providing data to Third Party Providers (TPPs) who are regulated and have customers’ "explicit" consent to use their data.
Headquartered in the UK, Konsentus is creating a world class solution for every Financial Institution in Europe. They are delivering this through utilising the best in open standards, coupled with unique solutions and most of all a belief that they can deliver for clients a cost-effective solution to their regulatory requirements.
Fidor Solutions is a fast-growing leader in open, digital banking. It combines unparalleled expertise in advisory and cutting-edge technology to deliver highly customer-centric digital banking propositions across the globe.
While the movement for open and digital banking is in its infancy, Fidor Solutions stands apart with its ten years of experience in pioneering the use of APIs and designing, running and growing digital banks from zero to success. Organisations that partner with Fidor gain invaluable insights and learn how to avoid pitfalls, ensuring they engage in new ventures with minimal risk.
Fidor Solutions’ unique approach ‘The Fidor Way’ helps financial organisations engage and build genuine relationships, understand data with the use of AI and machine learning and earn customer loyalty while remaining relevant throughout the customer journey.
Fidor Solutions specialises in solving major banking customer challenges through innovation, including onboarding, engagement, customer experience, digitalisation, financial inclusion and the creation of new business models such as marketplaces and platforms.
The fidorOS digital banking platform powers the most innovative financial organisations in Europe, Africa, the Middle East and Asia including www.fidor.de , www.moneysmart.ae , www.banxybank.com , www.o2banking.fidor.de.
The company was recognised by Forbes as Europe's 10 Most Exciting Technology SMEs For 2018 and by Celent as “redefining the customer experience by taking advantage of architectural openness, partner ecosystems, and a community focus.”