Konsentus today confirmed that its open banking third party provider (TPP) identity and regulatory checking solution, Konsentus Verify, can validate the identity of TPPs regardless of whether a UK-RTS compliant digital certificate or EEA issued eIDAS certificate is presented. This follows OBIE’s recent announcement that UK-regulated TPPs must complete their migration from OBIE Legacy Certificates to UK-RTS compliant certificates (OBWACs/ OBSEALs) no later than 30 June 2021 by which time they must also have revoked any active OBIE Legacy Certificates.
From the end of June 2021, ASPSPs must reject the use of OBIE Legacy Certificates for PSD2 identification purposes ensuring they only accept certificates that are compliant with the UK-RTS. Konsentus Verify provides TPP identity and regulatory checking services to protect Financial Institutions from the risk of open banking fraud. The identity checking element of the Konsentus solution is based on the validation of a TPP’s digital identity certificate.
Konsentus Verify checks in real-time a certificate’s validity and whether it has been issued by a trusted certificate issuer. In addition, Konsentus Verify checks the Payment Services a TPP is authorised to provide by its home country National Competent Authority. However, digital identity certificates are not usually updated over a certificate’s lifespan and do not list the roles a TPP can perform outside the TPP’s home country. Any ‘Passporting’ information must be obtained for each country the TPP wants to provide services into.
Any EEA TPP wanting to access accounts held by a UK-based ASPSP must either be on the FCA’s Temporary Permissions Regime list or registered directly with the FCA. Konsentus Verify validates in real-time the legitimacy and current authorisation status of TPPs providing payment services in the UK regardless of whether an eIDAS or UK-RTS compliant certificate is presented.
Mike Woods, CEO Konsentus commented, “With over 200 UK TPPs regulated to provide open banking services in the UK, we can offer our customers a single solution that means both UK-RTS compliant certificates and eIDAS certificates can be checked without having to introduce additional processes or delays. No matter where the transaction is taking place or where the TPP is located, we offer our customers a single solution providing identity and regulatory checking at the time of the transaction.”