Konsentus buys Open Banking Europe

Konsentus has bought Open Banking Europe (OBE) from PRETA.

OBE is an initiative which aims to bring leaders in the Open Banking market together to transform regulatory requirements into operational reality.

Konsentus, which enables the exchange of data and funds complying with PSD2 Open Banking access to accounts, and provides an online solution to protect financial institutions against Open Banking fraud, said that OBE’s software solutions would be directly integrated into its business.

The initiative, which was formed in 2017, provides members with a collaborative environment in which to identify market issues, and creates solutions through guidance, standards, and tools.

OBE’s regulatory directory provides a single, standardised, trusted, and machine-readable repository of regulatory data related to third-party providers.

The Directory consolidates information from the National Competent Authority registers.
It is used by more than 500 of the largest financial institutions across Europe to support PSD2 access to account compliance processes.

OBE was launched by PRETA, a wholly-owned subsidiary of EBA Clearing.

Open Banking Europe is a 100 per cent owned subsidiary of Konsentus, but will remain a separate operating entity which will continue to be led by existing managing director John Broxis.

“Working with PRETA’s Open Banking Europe was an obvious next step to accelerate our European expansion and cement our position as market leader,” said Mike Woods, chief executive, Konsentus. “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.”

He 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.”

Giorgio Ferrero, chief executive of PRETA, commented on the acquisition: “We identified the need for Open Banking Europe to grow beyond its incubation stage and move to the next level in an accelerated manner.”

He continued: “With their global expansion plans, product pipeline and fast-growing partner and customer base, Konsentus is well-placed to pursue the initial ambition for OBE Europe to boost safe and secure Open Banking globally.”

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