Finologee chooses Konsentus Verify to prevent Open Banking fraud

Finologee, a fast-growing digital platform operator of robust, ready-made and compliant systems and APIs, has chosen Konsentus Verify to protect the institutions they serve with its ‘PSD2 for Banks’ platform from the risk of unauthorised third parties gaining access to valuable customer data and funds.

Finologee was launched in 2017 to deliver compliant cutting-edge technology with a reliable user experience. The company serves more than 100 banks, institutions, and corporate clients. With its ‘PSD2 for Banks’ compliance platform, it enables 35 financial institutions to meet their regulatory obligations by providing a secure framework to permit access to their clients’ accounts by third party providers.

Konsentus Verify is an infrastructure platform enabling financial institutions to transact safely and securely within the open banking and open finance ecosystems by performing real-time identity and regulatory checking services. By checking a third party’s legitimacy and current regulatory status, each time a transaction request is made, Verify ensures that account access is never given to fraudulent third parties. Always available, it is scalable and easy to deploy.

Jonathan Prince, Co-Founder and CSO, Finologee, stated: “One of our main goals is to provide our clients with innovative solutions that offer first-class security while being able to meet ongoing regulatory requirements. In Konsentus, we have found a company that shares our values and puts the client at the heart of its offering. It will ensure that our clients’ transactions remain secure during the transition from Open Banking to Open Finance.”

Mike Woods, CEO, Konsentus, stated: “The team at Finologee are experts in building high-performance infrastructure platforms that are both flexible and ready-to-implement. Their solution complements the service Konsentus Verify provides to ensure their customers are protected from the risk of open banking fraud.