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Konsentus launches Q1 2024 TPP tracker

Thursday 23 May 2024 13:27 CET | News

Konsentus has launched its Q1 2024 TPP tracker, which highlights the growing cross-border activity and payment focus across European third parties. 

Following this announcement, the Konsentus Q1 2024 TPP tracker has revealed an overall growth in the European third parties that are regulated to provide Open Banking services around their domestic market, as well as an overall increase in TPPs authorised to initiate payments and transactions on an account holder’s behalf. 

Konsentus has launched its Q1 2024 TPP tracker, which highlights the growing cross-border activity and payment focus across European third parties.

More information on the announcement

According to the key tracker findings, there are 367 regulated third-party providers (TPPs) in the EEA, while Germany has the highest number of domestic third parties, stating at 37. In addition, Italy has the overall highest number of non-domestic TPPs, totaling 149, while 52% of EEA TTPs passport their Open Banking services outside of their domestic market. At the same time, 66% of all EEA TPPs have the possibility to authorise payments on an account holder’s behalf. 

Since starting reporting on the number of regulated Open Banking third parties in the EEA, over half of them have the overall required permission to provide Open Banking solutions outside of the home-regulated market. A similar trend was reported for payment service growth, as the number has increased over the last few years from 54% to 66%, with 241 of the 367 total EEA TPPs. 

The overall development in cross-border payments and an increasing number of companies that are authorised to initiate Open Banking payments on an account holder’s behalf are expected to create additional security risks for banks and financial institutions. 

The process of identifying and validating third parties in order to protect account data and funds is currently becoming increasingly important, while banks are required to prepare to safeguard their accounts for increased activity, as the overall ecosystem expands to support the transition to Open Finance and beyond.

In addition, Konsentus’ technology solution, the Konsentus Verify, was developed in order to allow financial institutions to automatically validate the identity and regulatory permissions of any account access requests in real time. Furthermore, by applying the relevant rules, whether regulatory, scheme, or bilateral, the solution will enable an account access request to be correctly granted or denied each time it is received. 


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

 


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Keywords: product launch, Open Banking, Open Finance, banking, payments , cross-border payments, cross-border ecommerce, ecommerce
Categories: Banking & Fintech
Companies: Konsentus
Countries: Europe
This article is part of category

Banking & Fintech

Konsentus

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