The UK-based software and RegTech company Konsentus has acquired Open Banking Europe from PRETA, the EBA Clearing subsidiary.
Open Banking Europe (OBE) launched in 2017 with the backing of 40 banks and tech businesses to address the issue of “regulatory concerns about the interoperability of bank data sharing initiatives under PSD2,” Finextra reports. OBE operates a centralised PSD2 directory supporting bank data sharing initiatives.
The PSD2 directory provides the needed information to third-party providers (TPPs) in the banking system, as well as account-servicing payment service providers (ASPSPs), the latter requiring a single store of all the key information on bank APIs.
The directory also holds information on the banks and their brands, alongside data on developer portals and other API information, such as security and standardisation options, and it is currently used by 500+ financial institutions across Europe.
However, OBE is more than just the PSD2 directory: it is also a place where members can collaborate on identifying market issues and where guidance, standards and tools can be developed. It also publishes regulations, one example being the API signature specification it produced in May 2020, to provide a “coherent standard for fintechs connecting to bank APIs.”
Finextra remarks that OBE “sits snugly within the Konsentus operating model,” which uses an SaaS-based platform for the identity and regulatory checking services needed by banks and others, so that they are PSD2 and open banking compliant.
Giorgio Ferrero of PRETA commented: “We identified the need for Open Banking Europe to grow beyond its incubation stage and move to the next level in an accelerated manner. With their global expansion plans, product pipeline and fast-growing partner and customer base, Konsentus is well-placed to pursue the initial ambition for OBE Europe to boost safe and secure Open Banking globally.”