Konsentus, a firm that provides open banking identity and regulatory checking services to protect our customers and partners from the risk of fraud has acquired Open Banking Europe (OBE) S.A.S. from PRETA, according to a release. Details of the transaction were not provided.
Open Banking Europe is now a 100% owned subsidiary of Konsentus Limited. Open Banking Europe expects to remain a separate operating entity which will continue to be led by John Broxis and the software solutions of Open Banking Europe will be directly integrated into the Konsentus business.
OBE was founded in 2017 with a mission of fostering innovation, competition, and efficiency to increase consumer choice and enhance security for online payments in the EU. Konsentus was launched in 2018 to enable the safe and secure exchange of data and funds complying with PSD2 open banking access to accounts.
According to Konsentus, OBE identified the need for a single, standardized, trusted, and machine-readable repository of regulatory data related to third-party providers (TPPs), which led to the set-up of the OBE ‘Regulatory Directory’. The Directory consolidates information from the National Competent Authority registers, making it available in a way that is easy to access and process. It is used by over 500 of the largest financial institutions across Europe to support PSD2 access to account compliance processes.
Mike Woods, CEO of Konsentus, commented on the acquisition:
“Working with PRETA’s Open Banking Europe was an obvious next step to accelerate our European expansion and cement our position as market leader. 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. 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 of PRETA said they identified the need for Open Banking Europe to grow beyond its incubation stage and move to the next level in an accelerated manner.
“Konsentus is well-placed to pursue the initial ambition for OBE Europe to boost safe and secure Open Banking globally. We are pleased to bring our OBE clients to this thriving environment, where they will continue to be well served by Konsentus and John Broxis, and can benefit from new and innovative Open Banking services on a European and global scale.”