Software AG has signed a commercial partnership with Konsentus to help banks securely participate in the open banking ecosystem. Konsentus and Software AG plan to address the security and control challenges for banks. At the same time, allowing banks to capitalise on the customer experience opportunities of open banking in a cost-controlled manner.
Konsentus specialises in open banking technology bringing security and risk management. Software AG’s webMethods API Management platform enhances the control and transparency of this broader network of connections. webMethods supports application integration, business process integration and B2B partner integration.
As APIs are revolutionising the financial services industry. These apps make 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 open banking focus. This initiative aligns with its API-first digital strategy and complements the Software AG proposition across Europe.
Suraj Kumar, General Manager API, Integration & Microservices, Software AG commented, “Knowing that financial data is being shared in a safe and secure way is vital for us. Partnering with Konsentus gives us the confidence that we can extend our offering to our financial services clients. This enables these institutions to participate in open banking and open finance ecosystems. They also know that their data and their customers’ data is protected.”
Simplifying the connected world
Mike Woods, CEO, Konsentus, added, “Simplifying the connected world is one of the drivers of open ecosystems. Our partnership with Software AG enables us to remove complexity for their clients without compromising on security or user experience. We expect to deliver a rich suite of open banking services.”
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.
The partnership will be leveraged in international markets where strategy and potential are aligned. The Konsentus group has open banking operations in Latin America, the Middle East and South-East Asia. The company is working with central banks and regulators in these jurisdictions to accelerate the implementation of trusted and secure open ecosystems.
In January, Software AG launched updates to webMethods. The company says it will simplify the process for developers to find and deploy APIs and integration tools or capabilities. The new unified API Marketplace will allow companies to set-up communities where API and Application developers can work together effectively. The new Embed feature will enable SaaS companies to quickly add integration capabilities into their software.
Enterprise Times: What this means for business.
Banking is matching the patterns of other sectors, such as retail, with a greater emphasis on customer experience. Individuals who encounter poor digital experience generally do not remain loyal with those enterprises. Open banking and open finance level the playing field in financial services. It provides 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. Hence the attractiveness of Konsentus to Software AG’s webMethods API Management platform.
