Software AG, has signed a commercial partnership with Konsentus to help banks securely participate in the open banking ecosystem.
Open banking and open finance level the playing field in financial services and provide opportunities to innovate around customer service and new financial products. However, while this ecosystem increases the number of connections, the correlating increase in security and management requirements can stifle some organizations. Konsentus and Software AG are addressing these security and control challenges for banks, whilst also allowing them to capitalize on the customer experience opportunities of open banking in a cost controlled manner.
AiThority: How Generative AI is Transforming Audio Content
Konsentus’ specialist open banking technology brings security and risk management, whilst Software AG’s webMethods API Management platform enhances the control and transparency of this broader network of connections.
Suraj Kumar, General Manager API, Integration & Microservices, Software AG commented:
“Knowing that financial data is being shared in a safe and secure way is vital for us. Partnering with Konsentus gives us the confidence that we can extend our offering to our financial services clients enabling them to participate in open banking and open finance ecosystems knowing that their data and their customers’ data is protected.”
Mike Woods, CEO, Konsentus, added:
“Simplifying the connected world is one of the drivers of open ecosystems. Our partnership with Software AG enables us to remove complexity for their clients without compromising on security or user experience and deliver a rich suite of open banking services.”
Read: How AI NFTs Are Unlocking the Democratization of the Digital Economy
As APIs are revolutionizing the financial services industry by making core banking functionality digitally and programmatically available both inside the organization and outside to third parties, open banking is opening up the traditional value chain of financial services and making it more broadly accessible. To support and adapt to changing customer needs, Software AG has initiated a new industry-wide open banking focus which aligns with its API-first digital strategy and complements the Software AG proposition across Europe.
Konsentus provides a central service with checks and balances integrated into all core components to ensure a safe and secure environment, irrespective of the individual access permissions held. It also delivers data intelligence on all participants in the ecosystem and complete oversight of all the components.
The partnership will be leveraged in international markets where strategy and potential are aligned. The Konsentus group has open banking operations in Latam, the Middle East and South-East Asia and is working with central banks and regulators in these jurisdictions to accelerate the implementation of trusted and secure open ecosystems.
Latest Insights: Why Only AI and Data Analytics Can Stop Financial Criminals
[To share your insights with us, please write to sghosh@martechseries.com]
Comments are closed.