Konsentus Open Banking solution made available on Temenos Exchange

Konsentus’ Open Banking identity and regulatory checking solution ‘Konsentus Verify’ has been made available on Temenos Exchange, which is a partner ecosystem of integrated fintech solutions.

Through the solution, Temenos’ Open Banking and Open Finance customers will have the ability to conduct real-time checks on the identity and authorisation permissions of any third party at the time an account access request is made.

It works by cross-referencing the information provided by the third party to the financial institution with the data held on the regulatory databases and registers, then passing back the consolidated findings to the financial institution in real-time through a single API, enabling an instant decision about whether to grant or deny account access.

“Temenos Exchange acts as an accelerator for fintechs and software developers, helping them develop, validate and monetize new banking solutions,” Martin Bailey, director of innovation and ecosystems at Temenos, said.

“The integration with Temenos and joining Temenos Exchange means Konsentus can integrate once and be readily available to the thousands of banks globally that run on our platform.”

The Temenos Exchange ecosystem offers pre-integrated and approved fintech solutions that can be deployed on top of Temenos’ open platform for composable banking.

Konsentus CCO Brendan Jones

Brendan Jones, chief commercial officer at Konsentus added: “Making Konsentus Verify available on Temenos Exchange furthers our mission to accelerate the global adoption of Open Banking and Open Finance.

“We remove complexity for banks by providing them with extremely complex data in a standardised format. This is where we excel and we’re delighted to be able to offer these services to all the banks that run on Temenos’ platform.”

Konsentus, which was founded in 2018, is now active in 27 markets.

Earlier this year, Konsentus worked with Vietnam-based digital capabilities provider SAVIS to establish an operational structure for Open Banking in the country.

The aim is to create an “innovative and cutting-edge” Open Banking infrastructure that aligns with Vietnam’s goal of developing a connected digital society for all individuals by 2030.