DenizBank AG selects Konsentus for managing Open Banking operations
DenizBank AG, a leading European financial institution, has announced a strategic partnership with Konsentus, a leading provider of compliance and risk management solutions for Open Banking. The partnership aims to future-proof DenizBank's Open Banking operations, ensuring secure and compliant digital banking services.
Brendan Jones, Chief Commercial Officer at Konsentus, expressed pride in supporting DenizBank AG in delivering compliant Open Banking experiences. He stated, "We are thrilled to partner with DenizBank AG, a forward-thinking institution committed to providing innovative and secure digital banking services."
DenizBank's Chief Financial Officer, Darijo Batinic, stated that Konsentus Verify aligns closely with DenizBank's internal operations. He added, "Konsentus Verify's secure, scalable, and cost-effective infrastructure was a key factor in our decision to partner with Konsentus."
The integration of Konsentus Verify will enable DenizBank to automate the process of third-party provider (TPP) validation, a critical step in ensuring compliance and security in Open Banking operations. The platform will verify that TPPs are authorized and regulated according to relevant standards, preventing unauthorized access and mitigating risk.
Konsentus Verify offers several benefits and features for financial institutions. It provides real-time API provider authorization checks, automates regulatory compliance, enhances security by validating digital certificates and confirming the identity and authorization status of TPPs, offers operational simplicity by replacing manual compliance checks, and is scalable and cross-border usable.
The partnership will support DenizBank's range of retail and commercial banking products, ensuring that all API interactions with third-party providers are both secure and compliant with regulatory frameworks. This partnership will help DenizBank eliminate risks of relying on unreliable data sources, thus protecting customer data and maintaining trust.
The partnership between DenizBank and Konsentus demonstrates how Konsentus Verify acts as a critical trust and compliance tool, enabling banks to confidently operate in the evolving Open Banking landscape with lower operational risks and stronger regulatory adherence.
For further reading about significant shifts in how third-party providers (TPPs) operate across the European Economic Area (EEA), refer to Konsentus' TPP Tracker [1].
[1] Konsentus TPP Tracker: https://www.konsentus.com/tpp-tracker/
Note: This article is based on facts provided and does not include opinions or unrelated information.
- The partnership between DenizBank and Konsentus will equip DenizBank's Open Banking operations with the necessary technology to automate the process of third-party provider (TPP) validation, ensuring secure and compliant digital banking services.
- Konsentus Verify, the solution provided by Konsentus, offers benefits such as real-time API provider authorization checks, automation of regulatory compliance, enhanced security, operational simplicity, scalability, and cross-border usability.
- The implementation of Konsentus Verify will help DenizBank protect customer data by eliminating risks from relying on unreliable data sources, thus maintaining trust and adhering to regulatory frameworks.
- The strategic partnership between DenizBank and Konsentus serves as an example of how Konsentus Verify can aid banks in confidently operating within the evolving Open Banking landscape, with lower operational risks and stronger regulatory adherence.
