OPen Banking

Ping Identity today announced the launch of a Consumer Data Right (CDR) Integration Kit. The enterprise identity management company says it will enable Australian banks and fintech company data holders to align with CDR regulatory requirements while also simplifying data recipient functionality. Under CDR rules, financial institutions must provide customers

Open Banking ramped up in Australia this month with the inclusion of  consumer data held by the big four banks, the first phase to involve actual consumers’ data. The industry has warned, however, uptake by consumers will take years more and uncertainty about the rules is holding back the new

Identity management company ForgeRock today announced the launch of its Open Banking Accelerators, tools for financial institutions to manage the APIs used in Australia’s new data portability scheme. ForgeRock says its Accelerators address some of the strict rules of open banking, which began this year as the first test of

piggy bank

Regional Australia Bank is using Microsoft’s Azure cloud to automate and streamline its loan applications under Open Banking, and plans to also share its customer data with third party fintechs by next year. The customer owned bank became the first Accredited Data Recipient of Australia’s Consumer Data Right in March,

Financial management software company Frollo today announced its app is the first to integrate data from Australia’s Consumer Data Right. Elsewhere, global accounting software giant Intuit joins Frollo as one of three accredited CDR data recipients, and says it is working to incorporate bank feeds into its software in Australia.

Consumer Data Right intermediaries will now be able to collect consumer data on behalf of accredited third party data recipients, with consumer consent, following rule changes by the regulator today. The changes, which come into effect October 2nd, should make it easier for fintechs to access the data by removing

86 400 today announced what it says is the first consumer facing feature to use open banking data in Australia. The neobank’s new savings account comparison tool pulls the saving interest rates of competitors into a “real time” comparison graph by using the product data some banks are now mandated

Open Banking began in Australia last month, promising to set free customers’ financial data, and spur innovation and competition in a sector historically dominated by just four banks.  Under Open Banking customers can request Australian banks securely share their data with accredited third parties for use in other financial tools

The introduction of the consumer data right, which underpins open banking will make it easier for consumers to switch banks, but that will not be without cost to incumbents and insurgents alike. That’s the view of Michael Ewald, director of engineering and consulting APAC Contino, an Enterprise DevOps and Cloud

Banks may currently hold a privileged position in the market, but the real opportunity for them from open banking is to start out in an ecosystem that allows them to provide new and better services to their customer base. That’s the view of Mark Allaby, Managing Partner, Financial Services Sector,