Financial IT speaks with Ed Medcalf, VP Business Development at Konsentus at Sibos 2019, London.

We’re. Also, seeing the larger players, the the major accountancy firms and the the the big tech firms driving their messaging as well and seeing what they can do to disrupt the banks that have been established for hundreds of years and that’s an incredibly interesting opportunity for us.

We’re showcasing where there’s an air gap between regulation and banks, common sense or financial institution common sense, so banks at the moment have no defense if a third-party provider wishes to access their customers data and if they allow that third-party provider to access their customers data. If that third party isn’t allowed to do that in a regulatory way, then the bank has committed a breach, so our product, our service, is a one.

Stop one API call in order to allow the banks or the financial institution or the forex company or the EMI in order to be able to do that to check whether that third party is regulated, certified valid alive and allowed to do what they say. They’re allowed to do these latest news from consensus is that we have been funded by mastercards in our pre series, a around our seed funding round, and that enables us to expand our team throughout Europe.

We see that the opportunity for consensus is not just European. We see it as being a global opportunity. We also see that it’s not not just an open banking opportunity. We see it as an open finance opportunity and that might may be utilities. It mainly taxes. It may be the whole gamut of ideas beyond finance. So, therefore, we want to be able to expand into those spaces and be prepared for when regulatory bodies allow access from third parties in other areas than the ones we’re currently in payment industry in the next year is going to be very interesting, open banking is there Some people are waiting for it to lift off some say it’s already off the ground, but again, I think open finance is what going to come alongside it very quickly and possibly overtake it.

We think there’s a massive opportunity to expand beyond the standard message of purely checking banking, third parties, and we think that the regulatory opportunity there is massive and that’s what consensus is here to expect, exploit and we’re here to make sure that banks, financial institutions and other Industry members are all there to understand it. This goes beyond the the the pure play financial institutions.

We know that foreign banks, we know that exchange companies. We know that currency companies need to be aware of this message. We think they’re not aware of it. At the moment when they are they’re going to realize that, in order to get compliance, they need to be talking to somebody about how they regulate, who is coming in and accessing their systems.