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What is Open Banking?

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…

The Open Banking Opportunity

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.

The Versent Open Banking solution

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.

Benefits for your organisation:

CDR compliance
A digital platform for further transformational support
Support for a customer across interaction channels
Improved end user experience
Improved levels of security
Ongoing ease of management
Removes barriers to usage
A trusted partner who has successfully
executed the open banking solution with
top banks and credit unions.

By partnering with Versent for your Open Banking journey, you will:

Chat to our Open Banking team today

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