Addressing the issues of PSD2 compliance, W2 partners with Konsentus

W2, a provider of SaaS, B2B software solutions and services has today announced a partnership with Konsentus Ltd the leading online, machine readable, real-time service that provides Account Servicing Payment Service Provider (ASPSPs) with the Third-Party Provider (TPP) identity and regulatory checking services required to comply with PSD2 Open Banking access to accounts. 

By teaming up with Konsentus, W2 will be offering the essential identity and regulatory checking service to their clients, ensuring the financial institutions have the right tools to meet their compliance obligations ahead of the September 14th, 2019 when all FI’s, EMI’s and PM’s must be compliant with the European Union Payment Services Directive (PSD2).

The SaaS-based platform provides real-time validation of TPPs and every time one requests access to a financial institution, Konsentus checks its regulated status and advises the FI. 

Gary Pine CPMO of W2, said: "Our clients continue to demand smarter ways to acquire more customers and, using methods that do not introduce any added friction within their on-boarding processes. Partnering with Konsentus, they share the same ethos and vision for simple solutions to complex problems. Open banking connectivity is a natural product line extension for us. Through them, we can now offer PSD2 compliance to our clients and, in the shortest possible timeframes."

Mike Woods – CEO of Konsentus, said "We are very excited to be partnering with W2 in building a relationship for our combined service offering in a fast developing PSD2 Open Banking environment."