Australian open banking platform company Basiq today announced a partnership with global integration vendor Mulesoft to offer a compliance product for the data portability scheme. Basiq will become an official partner of the Salesforce owned company.
Under open banking, Australian banks must share customers’ data with other organisations in a machine readable way when requested by the customer.
The regulator led scheme launched in Australia this year and is designed to reduce barriers to switching banking providers and spur innovation in financial services by safely increasing the flow of data.
It is the first test of Australia’s new Consumer Data Right, which will be applied to the energy and telecommunications sector in the coming years.
Basiq, a 2016 founded fintech backed by NAB, Westpac and Salesforce, says its new offering provides data holders – such as banks, insurance companies and superannuation funds – with an “end-to-end compliance solution” to share data in the new data portability schemes.
The company says over 190 fintechs and major banks have used its platform to help connect and share data. To date, Basiq says it has processed millions of requests to retrieve financial data.
The new data holder solution uses Mulesoft’s Anypoint Platform, a way of connecting APIs and accessing data across systems which were not necessarily designed to integrate. Basiq says the offering will allow data to be shared from core banking products, helping with the mandated sharing of transaction data required by open banking.
“For financial institutions, the value of open banking lies not just in the sharing of data but also in the ability to innovate and redefine digital offerings to obtain customer insights,” said Damir Cuca, CDR open banking advisory committee member and CEO, Basiq. “With this solution, we are able to address compliance challenges so our clients can focus on the value-add of open banking.”
Mulesoft’s senior vice president of global alliances and channels, Dan McAllister said the company was pleased to welcome the Australian fintech into its partner ecosystem.
“The average enterprise has data in nearly 900 applications and only one-third are integrated, leading to disconnected customer experiences across channels. Through its partnership with MuleSoft, Basiq is allowing its customers to unlock business capabilities and build application networks that accelerate the speed of IT delivery, increase organisational agility and enable innovation at scale.”