UK-based regtech solutions provider Konsentus has launched PSD2 open banking TPP regulatory checking sandbox, supporting Open Banking Implementation Entity (OBIE) standards.
The update to their TPP regulatory checking sandbox allows Konsentus to offer solutions based on the UK OBIE standards.
The OBIE is one of several organisations such as STET, The Berlin Group, PolishAPI Project that are focused on designing the specifications for the application programming interface (APIs) that financial institutions (FIs) use to securely provide open banking services and to support regulated TPPs and FIs to use the PSD2 open banking services.
It will also support regulated TPPs and FIs to use the Payment Services Directive (PSD2) open banking services. None of these standards are mandatory and FIs can decide to develop their own APIs independently as long as they comply with PSD2 regulation.
Konsentus said that it will soon announce further developments to support other standards in their Sandbox for TPP identity and regulatory checking.
The company claims that by using its TPP identity and regulatory checking OBIE sandbox, FIs and developers can build and test, in advance of the 14 March 2019 deadline. These are essential checking services that support PSD2 open banking compliance if they are using the OBIE standards.
Konsentus will also support financial institutions to comply with PSD2 and ensure only regulated TPPs can access Payment Service Users accounts, with its real-time, on-line identity and regulatory checking of TPPs.
Konsentus chief commercial officer Brendan Jones said: “FIs now have less than 6 months to develop, test and build their PSD2 open banking solutions, before the March 2019 deadline when they need to be live for external testing.
“With the severe time pressure upon them, the availability of this TPP regulatory checking sandbox will be a crucial aid to the payments industry as they work towards proving their compliance, and we are pleased to announce at the time of PayExpo the launch of a solution based on the OBIE API standards.”