DenizBank, a part of the DenizBank Financial Services Group, has partnered with Konsentus to fortify its open banking transactions in Austria and Germany.
This collaboration aims to ensure compliance with regulations, improve operational efficiency, and enhance security within its digital banking landscape. DenizBank provides a variety of retail and commercial banking services.
As DenizBank expands its operations, it needs an infrastructure that is secure, scalable, and cost-efficient. This infrastructure must align with the bank’s internal processes and meet regulatory demands.
By employing Konsentus Verify, DenizBank will automate the validation of third party providers (TPPs), a critical step in maintaining a compliant open banking system.
Konsentus chief commercial officer Brendan Jones said: “DenizBank is committed to providing innovative and secure digital banking services, and we are proud to support them in delivering compliant open banking experiences.
“Our platform is designed to scale with our clients’ needs – helping them meet regulatory obligations today while staying ahead of tomorrow’s challenges.”
Konsentus Verify provides real-time standardised data on regulated entities throughout the European Economic Area (EEA). This service helps financial institutions avoid the risks associated with unreliable data sources, which could otherwise allow unauthorised TPPs access to customer accounts.
Consequently, DenizBank can reduce operational costs and allocate resources towards strategic growth initiatives.
DenizBank chief revenue officer Darijo Batinic said: “Konsentus Verify stood out as a solution that not only delivered on compliance and risk mitigation but also aligned closely with our internal operations.
“As a deep-rooted player in the Austrian and German markets, we needed a solution that was quick to implement, cost-effective and capable of adapting to regulatory developments like PSD3 and FiDA. Konsentus’ customer-centric approach and outstanding support made the decision easy.”
Konsentus offers specialist advisory services and technology solutions to aid in implementing national open finance ecosystems. Its advisors are said to be experienced in managing complex regulatory landscapes and tailoring solutions to specific market needs.
