Temenos (SIX: TEMN), the banking software company, today announces that Priviti, a consent management solution provider, has joined Temenos MarketPlace, Temenos’ platform for connecting banks with the best fintech solutions. Now, Temenos customers will have access to a pre-integrated solution to enable compliance with regulations such as GDPR, achieve process improvements and to open up new revenue opportunities through securely sharing data.
Priviti, which took part in this year’s Temenos Innovation Jam competition series, is a patented solution to manage granular consent for data sharing securely in real-time. It allows banks to obtain, verify and match data-rich consent between multiple parties, transaction by transaction, with audit trails for compliance, dispute resolution and analytics. Since the solution does not view or store any data or sensitive credentials, there is no risk of Priviti disintermediating banks. As such, it aims to be adopted widely across banks as the standard for consent management reinforcing the bank-customer relationship.
The Priviti solution, which can be deployed on-premises or in the cloud, systemises consent using a fully configurable authorisation request token to bind all parties to each transaction. Priviti’s technology enables a bank to execute its digital strategy while adhering to a structured consent policy for data sharing and is used for several distinct use cases such as granting and revoking consent related to GDPR and PSD2, sharing documents for KYC/AML checks, underwriting and consent for advisory portfolio mandates.
Ben Robinson, Chief Strategy Officer at Temenos commented: “We are investing significant time and resources into provider curation, which means that we are onboarding not just the best solutions, but doing so faster than before. Priviti is a great new addition to MarketPlace, meeting a clear and important set of uses cases for Temenos clients around consent management as they seek to comply with new regulations, speed up processing and open up new revenue opportunities.”
Dave Cunningham, CEO at Priviti, added: “This is a very exciting opportunity for Priviti as we are fully aligned with Temenos’ mission to help banks achieve their digital vision faster. Through the Temenos MarketPlace, we’ll get a route to market to thousands of financial institutions across the world, helping propel us towards our goal of becoming the global standard for consent management in financial services.”