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Konsentus launches international Open Banking Hub

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Konsentus today announced it has launched an international  infrastructure platform with the ability to accelerate a country’s implementation of open banking.  The Konsentus Open Banking Hub (OB Hub), a SaaS based solution, runs in a national  cloud infrastructure, has end to end functionality and helps create, support and secure vibrant open banking economies across the globe.  

The OB Hub removes the complexity involved in setting up a central and secure open  banking ecosystem within a country, enabling regulated entities to quickly and easily share  data and execute payment transactions with each other. The OB Hub has three core  components. 

  1. i) Participant on-boarding and registration services 

Through Identity and Verification services, authorised participants (both organisations and  individuals) can register and on-board within the open banking ecosystem enabling them to  share data and execute payment transactions with other regulated entities in a secure and  safe environment.  

  1. ii) Directory Services 

A central directory service that participants can access in real time, online, 24/7 to verify the  identity and regulatory status of individual entities when transaction requests are made. The  OB Hub is a central repository of the latest available regulatory information on all registered  and regulated entities. This includes performance and availability data, contact details, data  updates and revocation information and history for all participants

iii) Certificate Authority  

The OB Hub issues and manages the digital credentials of all participants in the open  banking ecosystem. This enables participants to positively identify themselves to other  regulated entities in order to perform open banking transactions such as sharing data and  executing payment transactions. 

The OB Hub provides a rich data management system enabling national authorities to  monitor the adoption and success of open banking in their country. An immutable audit log  is a record of all transaction requests, providing valuable information for dispute  management processing. Quick and easy to set up, OB Hub provides a trusted central  system, enabling all regulated entities to interact with each other in a safe and secure  environment.  

Additional elements of the OB Hub enable publication of National API standards, a third party provider (TPP) testing sandbox, a central API and App marketplace, and an API  monitoring service to show real time national API performance. 

All the above comes with a secure messaging platform for participant to participant  messaging reporting and a dedicated helpdesk for support services.  

In addition to the onboarding, directory and certificate checking services, the complete Konsentus OB Hub solution delivers a programme management forum to educate market  participants, alongside testing and support services to enable a fully functioning national  open banking environment. 

Mike Woods, CEO, Konsentus, commented “The creation of a central open banking  platform enables us to help individual countries realise their open banking ambitions without  having to understand, build and execute their own systems. We already deliver first-class  technology that’s scalable, resilient and built for maximum availability. Data consolidation,  standardisation and formatting in a secure real-time, online environment are why we are  global leaders in our field and the trusted partner for safe and secure open banking  economies.” 

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