The UK's Open Banking Implementation Entity has selected Contego to run ID checks and verify the bona fides of users accessing personal account data for third party development work.
In combining requirements under the UK's Competition and Markets Authority and the European Union's Payment Services Directive phase 2 (PSD2), the Open Banking Standard was rolled out across the country last weekend.
Contego has been appointed to support Open Banking’s identity proofing and verification processes, using a single API for high-speed onboarding. The streamlined process, in-line with government standards, includes: online application, ID verification in real-time, and mobile ID document capture.
Adrian Black, CEO, Contego says: “We have delivered a customised solution in a challenging timescale that will provide Open Banking with a complete picture of who they are working with, not just in the UK but now across Europe.”
While the introduction of Open Banking promised an overnight revolution in personal financial services the reality has been a little more prosaic, which just three out of nine UK banks meeting the CMA-mandated deadline. Nationwide joined Bank of Ireland, Barclays, HSBC, RBS and Santander at the eleventh hour in applying for an extension to complete the build out of its API.