Moneyou selects Konsentus for PSD2 capabilities
Moneyou, a subsidiary of ABN AMRO, has selected Konsentus, a UK-based regulatory tech provider, to support the roll-out of their Second Payment Services Directive (PSD2) open banking offerings.
Konsentus will provide Moneyou with third party provider (TPP) identity & regulatory checking – a vital component of the PSD2 directive – and allow Moneyou to remain PSD2 compliant. It will also ensure that it remains complaint with the General Data Protection Regulation (GDPR) as they only provide authorised and regulated third parties with access to their customers’ transaction accounts.
As a software-as-a-service (SaaS) based platform delivered via an API, Konsentus offers a plug-and-play solution that will integrate into Moneyou’s in-house digital API platform and their essential core banking functions creating a ground-breaking customer-centric banking experience.
“Konsentus supports us in ensuring we protect our customers in line with the PSD2 open banking directive, as we continue to evolve our products and services,” says Theo van Bon, COO at Moneyou.
“Any time our Moneyou customers access and use their accounts they can do so with complete confidence that the regulatory status of any (by the individual customer consented) third- party payment service providers accessing their accounts has been checked by Konsentus.”
Mike Woods, CEO at Konsentus is delighted to deliver their services to Moneyou. “As an innovative bank that prides itself on offering a simple and frictionless customer experience, Konsentus is an ideal technology platform for them. Our solution will allow Moneyou to have confidence that they can expand their services offering a consistent experience for their customers.”
PSD2 open banking has been stated by many industry observers to be the biggest change in payments for a generation.
Konsentus is working closely with industry leaders to help financial institutions comply with their PSD2 obligations by the 14 September mandates.