Global leaders in open banking and open finance join forces to provide centralised technology infrastructure and Banking as a Service (BaaS) solutions to fast-track open finance
LONDON and SINGAPORE, Sept. 26, 2023 /PRNewswire/ — Konsentus has teamed up with Brankas to enable financial institutions, central banks, and regulators to accelerate their open finance journeys. The integrated technology solutions from two of the most established players in the business will deliver ease of use, security and cost-efficiency for those setting up or participating in open ecosystems.
Brankas and Konsentus launch secure Banking as a Service Platform
The core service offerings comprise:
1) Centralised Open Finance Platform
The Brankas API Hub, together with the Konsentus Open Trust Platform, provides regulatory bodies with ready-to-use API use cases and a secure trust framework, enabling participants to communicate across financial services ecosystems in a compliant, secure and scalable manner.
The modular platform, which can be customised to market requirements and easily integrated with existing infrastructure, combines a centralised API Hub and central directory delivering real-time identity & regulatory status validation with an open API enablement experience for financial institutions.
The platform also provides speed to market, transparency, and management system oversight.
Deploying a centralised Open Finance Platform enables a market to fully digitise its financial services sector by orchestrating the use cases and services between market participants and giving control to the end consumer of their financial data.
2) Banking as a Service (BaaS) Solutions
The new secure BaaS platform is a combination of Brankas’ Open Finance Suite and Konsentus’ real-time data security, enabling banks to manage and monitor vendor onboarding and API distribution.
As embedded finance grows in popularity, connectivity to the major banks is becoming a necessity for everyday apps in retail, public transportation, utilities, travel, entertainment, and more. Banks today are helping to power financial offerings including BNPL, insurance, and virtual credit cards. This requires them to have a reliable third party management platform.
With the need to securely connect to a growing number of third parties, banks now require a robust third-party management platform that can verify identities and transactions, distribute APIs, and manage access permissions, enabling secure data exchange, verification, and API distribution.
The Brankas Open Finance Suite (OFS) offers banks an out-of-the-box vendor and API management system tailored to the needs of digital banks. The Konsentus technology is integrated into OFS’ core components to enable onboarded vendors to deliver safe and secure data exchange in a consistent, automated, and reliable way. Konsentus’ trusted data enables informed decisions to be made when identifying and validating third parties requesting customer account access. Together, this unlocks an open and secure BaaS platform that can be customised to a bank’s needs to safely and confidently expand its ecosystem and add new revenue streams.
"Legacy banking infrastructure often cannot meet today’s needs, whether it relates to swift vendor onboarding or integration with new platforms to expand technical capabilities. Konsentus and Brankas address those needs with an open banking platform that provides banks with the agility and security they demand." said Todd Schweitzer, CEO and Co-founder of Brankas.
Mike Woods, CEO Konsentus, commented: "There isn’t a one-size-fits-all approach to Open Finance. In Brankas we recognise a partner who shares our objective of putting the customer first and being able to tailor products and services accordingly. We also have the same desire to integrate easily with existing infrastructure and systems so I’m delighted that we will be working together with banks and regulators to realise their ambitions."
About Konsentus
Konsentus provides award-winning SaaS technology solutions for participants in open banking and open finance ecosystems. Safeguarding the customers of 250+ clients across 37 countries, Konsentus provides a protected environment for data and funds to be exchanged in a reliable, consistent and automated way.
The Konsentus Open Trust Platform provides all the components required to build, manage and maintain protected and secure centralised open ecosystems.
Headquartered in the UK, Konsentus is operational across Europe and selected markets in Latin America, the Middle East and South East Asia.
Konsentus is ISO 27001 certified.
About Brankas
Brankas is a leading global open finance technology provider. We provide API-based solutions, data and payments solutions for financial service providers (like banks, lenders and e-wallets) and online businesses. Brankas partners with banks to build and manage their open finance infrastructure, producing APIs for real-time payments, identity and data, new account opening, remittances, and more. With Brankas’ secure open banking technology, online businesses, fintech companies and digital banks can use Brankas APIs to create new digital experiences for their users.
CONTACT: Yiyang Teo, yiyang.teo@brank.as