Konsentus, Open Vector partner for open banking services in LATAM and Canada

Friday 24 July 2020 08:59 CET | News

Konsentus has partnered with UK-based open banking advisory company Open Vector to enable FIs in Latin America and Canada to implement open banking. 

Open Banking enables payment users to have better control of and access to their transactional account data by giving regulated third-party providers the ability to initiate payments and access customer account data. Latin America is one region that has a thriving fintech sector and countries such as Brazil and Mexico are advancing in implementing open banking, based on the UK’s experience, aiming to promote competition and to support innovation and financial inclusion. 

Konsentus Verify is a SaaS based API solution providing financial Institutions with real-time Third-Party Provider (TPP) identity and regulatory checking services.  When a financial institution gives access to a TPP through their dedicated interface, they need to be confident that they are not putting their customers’ data at risk. Konsentus Verify enables FIs to protect their customers from the risk of open banking fraud. Open Vector advises governments, FIs, and fintechs on the key pillars needed to implement and integrate open banking/open finance solutions, according to the official press release. 

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Keywords: Konsentus, Open Vector, Open Banking, LATAM, Canada, FIS, financial institutions, payments , TPPs, fintech, Konsentus Verify, SaaS, API solution
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech