Security & Identity
Open banking & CDR.
Open banking defined.
Open banking is the practice of sharing financial information electronically, securely, and 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 that will improve the ability to compare and switch between products and service providers and provide greater transparency of financial data.
Consumers are now 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 provides a platform for new revenue streams.
Get it done.done in open banking.
Versent offers a comprehensive CDR compliant API and consent management solution that provides users with a next generation consumer identity service and deployment methodology, supporting your digital future to:
- Capitalise on the experience we have in implementing complete digital transformation, security and identity solutions for major financial institutions
- Provide a robust and fully compliant open banking service
- Offer a customer-centric, exciting new, value-added user experiences (with low barriers to adoption and usage)
- Enable agility to securely and rapidly deploy new applications and services, while 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, regardless of the device or application the user is on