Regional Australia Bank says it has become the first bank following the Big Four to meet compliance standards and give consumers more control over their data.
As reported by iTWire in October, Regional Australia Bank became the first accredited Data Recipient under the Consumer Data Right (CDR), the Australian Competition and Consumer Commission legislation designed to help bring about an era of Open Banking in Australia.
Australia’s new CDR allows consumers to share their data between providers, using automated data technology, and Regional Australia Bank says that by participating in the open banking system, its customers can benefit from greater control over their banking data, with “faster and more convenient access to financial services”.
Rob Hale, Chief Digital Officer at Regional Australia Bank said, “CDR introduces new ways for customers to access and consume financial services and other exciting innovations, creating extra competitiveness among banks and financial institutions. As a customer-owned institution, we are thrilled to be joining the Big Four in enabling this level of transparency and choice to Australians.”
Biza.io is a cloud-based Platform as a Service (PaaS) and was founded in 2017 by Stuart Low to help banks and financial institutions navigate the highly regulated financial services industry, and comply and innovate within the Australian open banking landscape.
Low previously held senior engineering and executive roles at CSIRO’s Data61 and Rabobank.
By partnering with Biza.io, Regional Australia Bank says it has achieved a successful and fully compliant Data Holder implementation months ahead of ACCC-mandated timeframes.
“Biza.io’s turnkey solution enabled Regional Australia Bank to become CDR compliant in a mere three months. Without it, the process of becoming compliant would have been way more costly and taken many more months, and would have delayed our participation in this exciting ecosystem,” Hale said.
“We wanted to demonstrate the capability of customer-owned banks, and highlight the benefit that CDR brings to Australian consumers. Biza’s deep industry expertise, quickly adaptable Holder as a Service (HaaS), and innovative approach has enabled this. Their commitment, attention to detail and the quality of their work is simply outstanding, we are so delighted with this outcome.”
Biza.io has a three-year contract with Regional Australia Bank to continue to evolve the open banking ecosystem while achieving compliance and meeting regulatory requirements.
Stuart Low says he is anticipating further business growth and more banks to adopt the turnkey CDR solution in the coming months as competition heats up in the financial services industry to meet open banking requirements.
“It is an exciting time to be working in the financial services industry as a whole new level of control and choice is being delivered to consumers through the open banking system. The CDR framework and standards introduce a way for financial institutions to be a part of these historic changes in the industry, and it’s been a pleasure to work with Regional Australia Bank to deliver on their passion for providing customers with the best possible experiences and services.
“While most banks are excited about participating in open banking, many are struggling to meet the CDR obligations in a cost-effective and timely way. I built Biza.io to provide a timely and innovative solution that financial institutions can purchase off-the-shelf, so they can focus on developing and delivering their own products to customers,” Low concluded.