Open Finance company Brankas has partnered with SaaS tech provider Konsentus to offer centralised technology infrastructure and Banking-as-a-Service (BaaS) solutions to expedite Open Finance. The collaboration seeks to enable financial institutions, central banks, and regulators to fast-track their Open Finance journeys, with the integrated technology solutions from the two companies set to deliver ease of use, security, and cost-efficiency for those setting up or participating in open ecosystems.

Open Finance, BaaS, and what the Brankas – Konsentus partnership entails The press release details that the core service offerings comprise the following: Centralised Open Finance Platform; Banking-as-a-Service (BaaS) Solutions. Centralised Open Finance Platform The Brankas API Hub, together with the Konsentus Open Trust Platform, offers regulatory bodies ready-to-use API use cases and a secure trust framework, allowing participants to communicate across financial services ecosystems in a compliant, secure, and scalable manner. The modular platform, which can be customised to market requirements and integrated with existing infrastructure easily, combines a centralised API Hub and central directory delivering real-time identity and regulatory status validation with an open API enablement experience for financial institutions.

What is more, the platform provides speed to market, transparency, and management system oversight. By deploying a centralised Open Finance Platform, a market is enabled to fully digitise its financial services sector by orchestrating the use cases and services between market participants and providing the end consumers with control of their financial data. Banking-as-a-Service (BaaS) Solutions The new secure BaaS platform combines Brankas’ Open Finance Suite and Konsentus’ real-time data security to enable banks to manage and monitor vendor onboarding and API distribution.

As embedded finance gains popularity, connectivity to major banks is becoming a requirement for everyday apps in retail, public transportation, utilities, travel, entertainment, and more. Current banks help power financial offerings including BNPL, insurance, and virtual credit cards, which requires them to have a reliable third-party management platform. With the need for secure connectivity to an increasing number of third parties, banks have a requirement for a robust third-party management platform that can verify identities and transactions, distribute APIs, and manage access permissions, enabling secure data exchange, verification, and API distribution.

The Brankas Open Finance Suite (OFS) provides banks with an out-of-the-box vendor and API management system tailored to the needs of digital banks. Furthermore, the Konsentus technology is integrated into OFS’ core components to enable onboarded vendors to deliver safe and secure data exchange in a consistent, automated, and reliable manner. Konsentus’ trusted data allows for informed decision-making when identifying and validating third parties requesting customer account access.

Together, this helps unlock and open and secure BaaS platform that can be customised to a bank’s needs to expand its ecosystem and add new revenue streams safely and confidently. When commenting on the partnership, Brankas officials advised that legacy banking infrastructure oftentimes does not meet current needs, whether it relates to swift vendor onboarding or integration with new platforms to expand technical capabilities. The Konsentus – Brankas cooperation seeks to address such needs through an Open Banking platform that offers banks the agility and security they demand.

For more information about Brankas and Konsentus, please check out their detailed profiles in our dedicated, industry-specific Company Database. .