Konsentus, which supports the national implementation of Open Finance ecosystems through advisory services and technology solutions, has been chosen by DenizBank AG, which operates in Austria and Germany, to “future-proof” its Open Banking operations.
The new strategic partnership between Konsentus and DenizBank will support the bank’s range of retail and commercial banking products, ensuring compliance and security.
DenizBank AG selected Konsentus after identifying “the need for a secure, scalable and cost-effective infrastructure that aligns with its internal business processes and meets evolving regulatory expectations”.
The integration of ‘Konsentus Verify’, which delivers real-time, standardised data on regulated entities across the European Economic Area (EEA), will enable the bank to automate the process of third-party provider (TPP) validation – an “essential component” for maintaining a compliant and secure Open Banking ecosystem, according to Konsentus.
‘Konsentus Verify’ helps financial institutions eliminate the risks of relying on unreliable data sources, which could otherwise lead to unauthorised TPPs accessing customer account data and funds, Konsentus said.
“Konsentus Verify stood out as a solution that not only delivered on compliance and risk mitigation, but also aligned closely with our internal operations,” said Darijo Batinic, chief financial officer at DenizBank AG.
“As a deep-rooted player in the Austrian and German markets, we needed a solution that was quick to implement, cost-effective and capable of adapting to regulatory developments like PSD3 and FiDA. Konsentus’ customer-centric approach and outstanding support made the decision easy.”
DenizBank AG is part of the DenizBank Financial Services Group, which has been owned by the Emirates NBD Group since 2019.
Brendan Jones, chief commercial officer at Konsentus, added: “DenizBank AG is committed to providing innovative and secure digital banking services, and we are proud to support them in delivering compliant Open Banking experiences.”
In September last year, Konsentus introduced new ways for European financial institutions to access ‘Konsentus Verify’, enabling them to choose the frequency of data feeds to match their business needs.
Further reading: Konsentus TPP Tracker reveals ‘significant shifts’ in how TPPs operate across the EEA
