Token.io and Konsentus launch fast PSD2 compliance solution by combining Turnkey PSD2 API with automated TPP Verification

Share this post

27th March 2019: Open banking Third Party Provider (TPP) Identity & Regulatory checking specialist, Konsentus, and turnkey open banking platform provider, Token.io, today announce a strategic partnership to provide European financial institutions (FIs) with a fast and powerful combined solution for PSD2 compliance.

With PSD2’s Regulatory Technical Standards (RTS) deadline passed, European FIs are under pressure to move quickly to deliver open APIs for testing. The Token and Konsentus partnership enables FIs to fast-track PSD2 compliance by connecting to a managed combination of two best-of-breed open banking technology platforms.

By connecting banks and FIs to its SaaS PSD2 API, Token can provide the functionality required by the RTS including readiness for external testing and readiness for full production by 14th September. Konsentus’ SaaS platform simultaneously conducts automated checking and verification of TPPs that are requesting data and payment access to banks.

Maximising their open banking connectivity and turning regulatory due diligence into a market differentiator will enable FIs to establish a serious competitive advantage in open banking, as well as establishing PSD2 compliance in the shortest possible timeframe.

Brendan Jones, Chief Commercial Officer, Konsentus, comments: “Combining our identification and regulatory checking services with Token’s open banking platform delivers a true fast-track to compliance. Together, our ‘plug and play’ proposition is really powerful, especially for those under pressure to meet the regulatory requirements.”

“The clock is counting down for banks that are not yet compliant,” adds Marten Nelson, Co-founder, Token. “Our proposition with Konsentus not only gives these players a helping hand towards compliance but puts them in a position of strength for when the game really begins later this year.”

The combined solution is based on TokenOSTM which delivers flexible, open APIs and programmable money technology, with the operational support, consent management, monitoring and reporting required to achieve compliance and develop new value-added services.

Konsentus provides fully automated (TPP) identity and regulatory checking services that ensure FIs only provide payment initiation and account information data to regulated TPPs which have demonstrably secured their customers’ consent.

  – Ends –

 

Media contacts:

Konsentus: Katrina Dixon

katrina.dixon@konsentus.com

+44 (0) 7714 753308

www.konsentus.com

 

Token: Beckie Richardson

press@token.co.uk

+44 (0) 113 350 1922

www.token.io

About Token

Token is a technology company with headquarters in San Francisco and offices in London and Berlin. Token’s open banking platform helps banks achieve PSD2 compliance quickly and cost-effectively, and generate new revenue streams. It also allows banks and other players in the payments ecosystem, such as merchants and payment processors, to build bank direct payment methods and data aggregation solutions for their customers. The platform raises security, and reduces fraud and disintermediation. Unlike in-house developed solutions, Token supports the same API across all banks.

Token.io Limited is authorised as an AISP and as a PISP by the FCA in the UK and has passporting rights in an additional 20 countries.

Token’s team combines years of highly successful execution and innovation in the technology, banking and security sectors. The Token team comes from top companies like Google, Apple, Microsoft, Barclays, ACI Worldwide, HSBC, Twitter, and Square. Token’s CEO and Founder, Steve Kirsch, has invented several groundbreaking Internet technologies and has had multiple billion dollar exits.

Token is a recognised industry leader, winning Best Payments Newcomer in the 2019 Card and Payments Awards; Fintech Start Up of the Year in the 2019 FStech Awards; and the Open Banking category in the 2018 London Institute of Banking & Finance Financial Innovation Awards. Token was also named as one of the top ten companies to watch globally in the 2017 Financial Times Future of Fintech shortlist and named in CB Insights’ 2017 global annual ‘The Fintech 250’ ranking.

For further information, please consult: www.token.io or follow us on Twitter: @token_io and LinkedIn.

About Konsentus

Konsentus is a RegTech company, that was established to provide Identity and Regulatory checking services to financial institutions so that they can comply with PSD2 and open banking.  Konsentus also issue the consent management tokens on behalf of financial institutions through a SaaS platform, enabling them to comply with EU regulation and provide open banking services to their customers, confident in the knowledge that they are only providing data to Third Party Providers (TPPs) who are regulated, and have customers’ “explicit” consent to use their data.

The company was founded by three Financial Service industry veterans seeking to deliver a simple and easy way FIs can comply with the new PSD2 regulations for open access.

Headquartered in the UK, just outside of London, our team of professionals are creating a world class solution for every FI in Europe.  We are delivering this through utilizing the best in open standards, coupled with unique solutions and most of all a belief that we can deliver for clients a cost-effective solution to their regulatory requirements.

For more information please visit www.konsentus.com.

More To Explore

Membership

Are you a member of The Payments Association?

Member benefits include free tickets, discounts to more tickets, elevated brand visibility and more. Sign in to book tickets and find out more.

Welcome

Log in to access complimentary passes or discounts and access exclusive content as part of your membership. An auto-login link will be sent directly to your email.

Having trouble signing?

We use an auto-login link to ensure optimum security for your members hub. Simply enter your professional work e-mail address into the input area and you’ll receive a link to directly access your account.

First things first

Have you set up your Member account yet? If not, click here to do so.

Still not receiving your auto-login link?

Instead of using passwords, we e-mail you a link to log in to the site. This allows us to automatically verify you and apply member benefits based on your e-mail domain name.

Please click the button below which relates to the issue you’re having.

I didn't receive an e-mail

Tip: Check your spam

Sometimes our e-mails end up in spam. Make sure to check your spam folder for e-mails from The Payments Association

Tip: Check “other” tabs

Most modern e-mail clients now separate e-mails into different tabs. For example, Outlook has an “Other” tab, and Gmail has tabs for different types of e-mails, such as promotional.

Tip: Click the link within 60 minutes

For security reasons the link will expire after 60 minutes. Try submitting the login form again and wait a few seconds for the e-mail to arrive.

Tip: Only click once

The link will only work one time – once it’s been clicked, the link won’t log you in again. Instead, you’ll need to go back to the login screen and generate a new link.

Tip: Delete old login e-mails

Make sure you’re clicking the link on the most recent e-mail that’s been sent to you. We recommend deleting the e-mail once you’ve clicked the link.

Tip: Check your security policies

Some security systems will automatically click on links in e-mails to check for phishing, malware, viruses and other malicious threats. If these have been clicked, it won’t work when you try to click on the link.

Need to change your e-mail address?

For security reasons, e-mail address changes can only be complete by your Member Engagement Manager. Please contact the team directly for further help.

Still got a question?