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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 and provided explicit consent for.
The Australian government announced the introduction of a Consumer Data Right (CDR) in 2019. The CDR will improve consumers’ ability to compare and switch between products and service providers, and importantly, provide greater transparency of financial data.
The Open Banking Opportunity
Under Open Banking, or Open Business, consumers will be able to access and safely transfer their banking data to trusted parties. 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 enhanced consumer experiences, and hence new revenue streams.
Versent’s 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.
By partnering with Versent for your Open Banking journey, you will:
- 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
- Be completely customer-centric, creating exciting new, value-added user experiences (with low barriers to adoption and usage), 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 on
Featured Case Study
Service NSW is an agency of the New South Wales (NSW) government which provides the state’s citizens with access to more than NSW government services, from applying for a child’s birth certiﬁcate to licences for starting a business.See case study →
Design, build & deploy
Full stack Open Banking implementation
Versent deployed a full CIAM & Open Banking platform for one of Australia’s Big 4 banks, introducing autoscaling and full federated access capabilities. Roadmap capabilities of multi-tenanted branding, Enterprise Relationship Management and the establishment of an Identity CoE will enable the bank to boost revenue streams, profitability & customer stickiness.
Reach out for a conversation.
Large Industrial Customer
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Digital Strategy and Capability.
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Versent built a complete solution for us. Our previous telephony solution was a per-user pricing model – it was simply too expensive. With Amazon Connect’s pay-per-minute pricing, we could bring on these teams, enabling a better customer and business experience, as well as benefit from a more cost-efficient billing model.
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