Software AG has signed a commercial partnership with Konsentus to help banks securely participate in the Open Banking ecosystem.
Open Banking and Open Finance are opportunities to level the playing field in financial services and provide opportunities to innovate around customer service and new financial products.
However, while this ecosystem increases the number of connections, the correlating increase in security and management requirements can stifle some organisations.
Konsentus and Software AG are addressing these security and control challenges for banks, whilst also allowing them to capitalise on the customer experience opportunities of Open Banking in a cost controlled manner.
Konsentus’ specialist Open Banking technology brings security and risk management, whilst Software AG’s webMethods API Management platform enhances the control and transparency of this broader network of connections.
As APIs are revolutionising the financial services industry by making core banking functionality digitally and programmatically available both inside the organisation and outside to third parties, Open Banking is opening up the traditional value chain of financial services and making it more broadly accessible.
To support and adapt to changing customer needs, Software AG has initiated a new industry-wide focus which aligns with its API-first digital strategy.
Konsentus provides a central service with checks and balances integrated into all core components to ensure a safe and secure environment, irrespective of the individual access permissions held.
It also delivers data intelligence on all participants in the ecosystem and complete oversight of all the components.
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