Open banking is defined as the practice of sharing financial information electronically, securely, and only in ways that the customer has approved. This comes after the Australian government announced the introduction of a consumer data right (CDR) in Australia. The consumer data right will improve consumers’ ability to compare and switch between products and services and importantly, provide greater financial transparency of data.
Which brings us to…
Under Open Banking, consumers will be able to access and safely transfer their banking data to trusted parties. Open Banking will be introduced in phases. Consumer data for mortgage accounts, credit and debit cards, and deposit and transaction accounts are to be made available by 1 February 2020. All other banks (Authorised Deposit-Taking Institutions) are expected to be ready 12 months later.
Application programming interfaces (APIs) allow third parties to access financial information efficiently, which promotes the development of new apps and services by banks and credit unions to expand (or create) digital services to provide a better experience for customers.
Versent has developed a comprehensive CDR Compliant API and Consent Management solution that gives its users a next generation consumer identity service and deployment methodology, supporting your digital future.
Capitalise on the experience we have in implementing complete digital transformation, security and identity solutions for major financial institutions.
Get a fully compliant Open Banking service.
Put the customer at the centre of your experience, creating exceptional user experiences and ultimately delighting customers, positively impacting NPS.
Enable you to be a more agile enterprise to securely and rapidly deploy new applications and services, as well as enabling third party developers to easily integrate with your APIs -increasing speed to market.
Provide a consistent security experience across all your channels, including APIs, no matter which device or application the user is using.
Support complex involved party relationships (families, businesses, clubs), which can be used by all applications and services via modern, developer-friendly Open Standards.