UK Open Banking crew call on Contego to verify you
Contego, a regtech and compliance firm, has been chosen by the Open Banking Implementation Entity (OBIE) to verify its users and support open banking development in the UK.
As reported in December, OBIE, the body created by personal and small business current account providers, confirmed that the UK will be the first nation to launch open banking. That happened on 13 January – although some people are late to the show.
Via open banking, customers can, if they choose, use services from a range of different types of regulated companies without the need to share credentials with any third parties.
Contego will support OBIE’s identity proofing and verification processes, and ensure security and customer needs are “embedded at its core”. Regulated parties will be able to apply to access the data.
Nigel Spencer, head of support services at OBIE, says Contego delivered a “bespoke solution that combines automated identity checks with the added security of face-to-face verification” and this made the firm “the obvious choice”.
Contego’s platform can be customised and is delivered in real-time via a single API. According to the firm, the process, in-line with government standards, includes online application, ID verification and mobile ID document capture.
Launched in 2011, Contego says it combines data from a range of commercial, open source and law enforcement sources with a proprietary risk scoring system.
