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Konsentus acquires Open Banking Europe

Konsentus acquires Open Banking Europe

Konsentus has acquired Open Banking Europe, the operator of a centralised PSD2 directory supporting bank data sharing initiatives, from EBA Clearing subsidiary Preta.

Launched in June 2017 with the backing of 40 banks and tech firms, Open Banking Europe was formed to address regulatory concerns about the interoperability of bank data sharing initiatives under PSD2.

The PSD2 Directory meets the need of third-party providers (TPPs) and account-servicing payment service providers (ASPSPs) for a repository storing all key information on bank APIs in one single place. It provides information on banks and brands, developer portals, end points and other information about the APIs, such as security and standardisation options and is currently accessed by over 500 financial institution across Europe.

Alongside the Directory, OBE also provides its members with a collaborative environment to identify market issues and problems, and to offer guidance, standards and tools. In May last year, it published a draft API signature specification, as part of an attempt to provide a coherent standard for fintechs connecting to bank APIs.

The business sits snugly within the Konsentus operating model, which provides an SaaS-based platform for the identity and regulatory checking services needed by banks and others so that they can comply with PSD2 and open banking. Backed by Mastercard, the company closed a multi-million funding round in Septmber.

Under Konsentus, OBE will remain a separate operating entity which will continue to be led by managing director John Broxis.

Giorgio Ferrero, Preta comments: “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."

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