Open Banking Solutions
The consumer data right (CDR) was introduced in Australia to give consumers greater access to and control over their data. It’s objective is to improve consumers’ ability to compare and switch between products and services, encourage competition and deliver better prices and more innovative products and services for consumers.
The CDR will initially apply to the banking sector, then the energy sector and others will follow.
What is open banking?
Open banking is the implementation of the Consumer Data Right (CDR) in the banking sector. The CDR requires banks (data holders) to allow consumers to share their bank transactions and other data with accredited businesses (accredited data recipients) using a standardised authentication process and data standard.
The open banking CDR is a complex system with strict rules and requirements for accreditation and participation including but not limited to limitations on the type of data that can be shared, with whom data can be shared, how the data must be treated, consumer consent and information security.
Open banking is an exciting development in Australia and will become more ubiquitous as it matures. We will support a range of data capture options, including open banking, to ensure we can continue to support our consumer and business customers’ different needs with the most fit-for-purpose solutions available.
Help To Get It Right
Have questions about which data capture options are right for your business? Schedule a demo and we’ll work with you to understand how you onboard customers and find the right solution for you.