Regional Australia Bank announced it is the first non Big Four bank to meet compliance standards of Australia’s new open banking system following the integration and deployment of a Consumer Data Right solution from Biza.io.

The bank integrated the cloud-based Platform as a Service provider’s solution in just three months. Regional Australia Bank was the first to receive Open Banking accreditation back in March and is using Microsoft’s Azure cloud to automate and streamline its loan applications.

Australia’s new CDR allows consumers to share their data between providers, using automated data technology. By participating in the open banking system, Regional Australia Bank says its customers can benefit from greater control over their banking data, with faster and more convenient access to financial services.

“CDR introduces new ways for customers to access and consume financial services and other exciting innovations, creating extra competitiveness among banks and financial institutions,” said Rob Hale, chief digital officer at Regional Australia Bank.

“As a customer-owned institution, we are thrilled to be joining the Big Four in enabling this level of transparency and choice to Australians.”

Biza.io was founded in 2017 by Stuart Low to help banks and financial institutions navigate the highly regulated financial services industry, and comply and innovate within the Australian open banking landscape. Low previously held senior engineering and executive roles at CSIRO’s Data61 and Rabobank, and is a widely recognised thought leader on open banking in Australia.

A turnkey solution

By partnering with Biza.io, Regional Australia Bank achieved a successful and fully compliant Data Holder implementation months ahead of ACCC-mandated timeframes.

“Biza.io’s turnkey solution enabled Regional Australia Bank to become CDR compliant in a mere three months,” said Hale. “Without it, the process of becoming compliant would have been way more costly and taken many more months, and would have delayed our participation in this exciting ecosystem.

“We wanted to demonstrate the capability of customer-owned banks, and highlight the benefit that CDR brings to Australian consumers.  Biza’s deep industry expertise, quickly adaptable Holder as a Service (HaaS), and innovative approach has enabled this.  Their commitment, attention to detail and the quality of their work is simply outstanding, we are so delighted with this outcome.”

Biza.io has a three-year contract with Regional Australia Bank to continue to evolve the open banking ecosystem while achieving compliance and meeting regulatory requirements.

Founder Low is anticipating further business growth and more banks to adopt the turnkey CDR solution in the coming months as competition heats up in the financial services industry to meet open banking requirements.

“It is an exciting time to be working in the financial services industry as a whole new level of control and choice is being delivered to consumers through the open banking system,” Low said. “The CDR framework and standards introduce a way for financial institutions to be a part of these historic changes in the industry, and it’s been a pleasure to work with Regional Australia Bank to deliver on their passion for providing customers with the best possible experiences and services.

“While most banks are excited about participating in open banking, many are struggling to meet the CDR obligations in a cost-effective and timely way. I built Biza.io to provide a timely and innovative solution that financial institutions can purchase off-the-shelf, so they can focus on developing and delivering their own products to customers.”

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