The UK’s Open Banking Implementation Entity (OBI) has partnered with RegTech and compliance firm Contego to support Open Banking’s identity proofing and verification processes.
Contego will conduct thorough and comprehensive verification checks on those FCA-regulated parties that are able to apply to access customer data. The firm’s platform provides a fully-automated authentication process, delivered in real-time via a single API.
The partnership follows the launch of Open Banking and PSD2 last weekend, which enables third-party clients access to customer data via open APIs, with permission, to provide additional banking services to customers.
Nigel Spencer, head of support services at Open Banking said: “Contego has been very easy to work with; they have listened and their approach is professional, transparent and consultative. Their ability to deliver a bespoke solution that combines automated identity checks with the added security of face-to-face verification made it the obvious choice. Contego's technology innovations made them a clear front-runner when it came to deciding what firm to team up with to securely deliver Open Banking.”
Adrian Black, CEO of Contego, said: “Having participated in the original Open Banking Working Group and having seen how Open Banking will give the customer secure control of their finances, I was keen to be involved. We have delivered a customised solution in a challenging timescale that will provide Open Banking with a complete picture of who they are working with, not just in the UK but now across Europe.”
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