Open Banking Europe is an initiative launched by PRETA in June 2017 to enhance consumer choice and security for online payments in the European Union
Konsentus acquires Open Banking Europe from PRETA. (Credit: Gerd Altmann from Pixabay.)
UK-based regulatory technology company firm Konsentus has acquired Open Banking Europe (OBE) from PRETA, a fully owned subsidiary of EBA Clearing.
OBE is an initiative launched by PRETA in June 2017 to enhance consumer choice and security for online payments in the European Union.
The initiative is said to enable its members to identify market issues and problems, along with creating awareness and solutions through guidance, standards and tools.
With the acquisition, OBE becomes a subsidiary of Konsentus, operating as an individual entity under its previous leader John Broxis and its software solutions will be merged into the Konsentus business.
Konsentus CEO Mike Woods said: “Working with PRETA’s Open Banking Europe was an obvious next step to accelerate our European expansion and cement our position as a market leader.
“We are delighted to welcome the clients of PRETA OBE to Konsentus and are proud that over 500 financial institutions, including some of the biggest and most prestigious banks within Europe, will also become Konsentus clients.
OBE has developed its Regulatory Directory as a single, standardised, trusted and machine-readable repository of regulatory data related to third-party providers (TPPs).
The directory works on consolidating the information from the National Competent Authority registers, for use by more than 500 large-scale European financial institutions to support PSD2 access to account compliance processes.
With co-operation from Konsentus, PRETA is expected to ensure a smooth operational handover for all parties involved, in the coming months.
Open Banking Europe Community is said to complement the work initiated by Konsentus to support the safe and secure exchange of financial and non-financial information between payment service providers.
Konsentus was established in 2018, to enable the safe and secure exchange of data and funds complying with PSD2 open banking access to accounts.
The firm aims to address the need for a real-time, online solution to protect financial institutions against PSD2 Open Banking fraud.
Woods added: “I am delighted that John Broxis, who was Managing Director of PRETA’s Open Banking Europe initiative, is joining the Konsentus team, which will ensure a smooth transition.
“In addition, his vast industry expertise will be invaluable in uniting the open banking ecosystem and global community.”