Konsentus has announced that the Open Banking identity and regulatory checking solution Konsentus Verify is now available on Temenos Exchange. Following this announcement, Konsentus Verify, the Europe-based Open Banking identity and regulatory checking service, will be available on Temenos Exchange, the partner ecosystem of integrated fintech services.

In addition, both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry. More information on the announcement Konsentus Verify was developed in order to ensure end-user account access that is never granted to unauthorised third parties, which aims to provide customers and businesses with a high degree of protection in the process of making Open Banking transactions. Throughout this partnership, Konsentus Verify is expected to offer Temenos’ Open Banking and Open Finance clients the possibility to check in real-time the identity and authorisation permissions of any third party, at the time when the account access request is made.

This procedure is done by cross-referencing the information which is provided by the third party to the financial institution, with the data that is held on the regulatory databases and registers. In addition, the consolidated findings are passed back to the FI in real time through a single API, so an instant decision would be made to grant or deny account access. Temenos Exchange will continue to offer pre-integrated and approved fintech solutions, which can be easily and securely deployed on top of the company’s open platforms for composable banking.

This process is expected to provide banks with the possibility to accelerate designing new financial tools, while also reducing the costs of developments. This integration will enable Konsentus to incorporate once and be readily available to the multiple banks around the world that run on the platform. For more information about Konsentus, please check out their detailed profile in our dedicated, industry-specific Company Database.

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