UK-based Konsentus has said that its Open Banking third-party provider (TPP) identity and regulatory checking solution Konsentus Verify can check both UK-RTS compliant certificates and eIDAS certificates to validate the identity of TPPs.
The Open Banking Implementation Entity (OBIE) recently announced that UK-regulated TPPs must complete their migration from OBIE legacy certificates to UK-RTS compliant certificates by 30 June 2021.
By that date, ASPSPs must reject the use of OBIE legacy certificates for PSD2 identification purposes and only accept certificates that are compliant with the UK-RTS.
Konsentus CEO Mike Woods said: “With over 200 UK TPPs regulated to provide Open Banking services in the UK, we can offer our customers a single solution that means both UK-RTS compliant certificates and eIDAS certificates can be checked without having to introduce additional processes or delays.
“No matter where the transaction is taking place or where the TPP is located, we offer our customers a single solution providing identity and regulatory checking at the time of the transaction.”
Konsentus said that Konsentus Verify checks in real-time a certificate’s validity and whether it has been issued by a trusted certificate issuer and also checks the payment services a TPP is authorised to provide by its home country National Competent Authority.
Given that EEA TPPs wanting to access accounts held by a UK-based ASPSP must either be on the Financial Conduct Authority’s (FCA) Temporary Permissions Regime list or registered directly with the FCA, Konsentus Verify validates in real-time the legitimacy and authorisation status of TPPs providing payment services in the UK, regardless of whether an eIDAS or UK-RTS compliant certificate is presented.
Earlier in 2021, Konsentus announced it had acquired Open Banking Europe from PRETA.