Contego to provide KYC services to Open Banking - The Industry Spread

Ricardo Esteves

Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.

Contego

Contego to provide KYC services to Open Banking

January 19, 2018
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.
Adrian Black, CEO, Contego
Adrian Black, CEO, Contego

Contego will be supporting Open Banking’s identity proofing and verification processes and ensure security and customer needs are embedded at its core. 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.

By providing the highest levels of identity verification services to Open Banking, Contego continues in a leading position in its segment. Contego’s streamlined process 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 customized 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.”
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 API’s, banking clients have the ability to far more effectively manage lending, saving, transaction and investment financial requirements than ever before.
Nigel Spencer, Head of Support Services at Open Banking
Nigel Spencer, Head of Support Services at Open Banking

The open API allows 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.

Nigel Spencer, Head of Support Services at Open Banking, commented: “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.”

Login To MyTis Comment Or Register to MyTIS

Leave a Reply

avatar
  Subscribe  
Notify of

Newsletter

Register now to receive the latest news and information for global trading industry.

Latest Articles

Tools for Brokers

Tools for Brokers Enhances Quote Aggregation and Trading Execution

Tools for Brokers has enhanced the Trade Processor system with the ability to aggregate quote feeds and trading execution in the liquidity pool based on which has the best current …