Contego, the RegTech and compliance specialist, has been chosen by The Open Banking Implementation Entity (the ‘OBIE’), the body created by the UK’s largest personal and small business current account providers to create a better way to move, manage and make more of your money, to verify its users and to support the much-anticipated technological revolution that promises to give people greater control over their finances.
In combining requirements under the UK’s Competition and Markets Authority and the European Union’s Payment Services Directive phase 2 (PSD2), the Open Banking Standard is a seismic change to banking models in the digital age. Using secure open APIs, banking clients have the ability to far more effectively manage lending, saving, transaction and investment financial requirements than ever before. The open APIs allow third party developers to create applications which will enable banking customers to securely gain greater insight and control over their finances and additionally deliver freedom to access an open market of financial services that provide more personalised services for sound banking decisions.
Contego has been appointed to support Open Banking’s identity-proofing and verification processes, and ensure security and customer needs are embedded at its core. FCA-regulated parties will be able to apply to access the data, therefore thorough and comprehensive verification checks are paramount.
Contego’s platform provides a flexible, customised solution, with fully automated identity verification delivered in real-time, via a single API – essential for high-speed onboarding.
Working with Open Banking is the latest confirmation of Contego’s leadership in providing the highest levels of identity verification. The streamlined process, in line with government standards, includes: online application, ID verification in real-time, and mobile ID document capture.
Adrian Black, CEO, Contego said: “Having participated in the original Open Banking Working Group and having seen how Open Banking will give the customer secure control of their finances, I was keen to be involved. We have delivered a customised solution in a challenging timescale that will provide Open Banking with a complete picture of who they are working with, not just in the UK but now across Europe.”
Contego’s robust approach to validation ensures that a thorough check is made using multiple steps to ensure that the process is comprehensive while remaining low touch.
Nigel Spencer, Head of Support Services at Open Banking said: “Contego has been very easy to work with; they have listened and their approach is professional, transparent and consultative. Their ability to deliver a bespoke solution that combines automated identity checks with the added security of face-to-face verification made it the obvious choice. Contego’s technology innovations made them a clear front-runner when it came to deciding what firm to team up with to securely deliver Open Banking.”