UK headquartered RegTech Konsentus is launching Europe’s first TPP regulatory checking sandbox.

The sandbox will provide Financial Institutions and developers with the ability to create code. In addition, they can test the essential regulatory checking services that support PSD2 open banking compliance.

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Konsentus is carving a niche in the market as a result of the EBA register not being a machine readable, real-time, online database.

Konsentus’ service facilitates real-time regulatory checking of TPPs and confirms their authorisation or registration status. This will enable financial institutions to reduce financial losses from fraudulent third parties.

Konsentus: 14 March 2019 deadline fast approaching

Brendan Jones Chief Commercial Officer of Konsentus said: “This is a crucial development for FIs.

“Without a TPP regulatory checking sandbox FIs will find it extremely challenging to build out their end to end PSD2 open banking solutions and test them prior to the March 14 2019 deadline when they need to be live for external testing.

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“March 2019 is only 7 months away. For all 9,000 FIs in Europe to be ready is going to be challenging”.

The FCA has recently re-iterated its guidance to the UK market around the importance of the deadline.