Thursday, 02 July 2020 10:51

Trend Micro launches ‘Australia first’ Open Banking automated compliance check Featured


Cybersecurity firm Trend Micro is claiming an Australia-first launch of its Consumer Data Right (CDR) Open Banking automated compliance check which it says is designed to simplify customers’ ability to create and launch compliant, secure Open Banking services.

Trend Micro’s CDR launch follows the Commonwealth Bank’s launch on Wednesday - as reported by iTWire - of the first phase of Australia's Open Banking regime for sharing consumer data which it says will lead to delivery of better products and services.

“In line with today’s launch of the CDR for Open Banking, which is overseen by the Australian Competition and Consumer Commission (ACCC) and designed to improve consumers’ ability to compare and switch between products and services, Conformity provides companies and auditors with an automatic and continuous testing of the controls that Accredited Data Recipients must have in place,” Trend Micro said in a statement.

“This automated infrastructure configuration compliance takes minutes as opposed to weeks, and also reduces the costs involved in the initial and ongoing accreditation requirements for Accredited Data Recipients in Australia,” Trend Micro said.

“We are proud to help Data Recipients including fintech cloud innovators meet and report on audit requirements as they create reliable open banking systems,” said Michael Watts, VP of Product, Conformity at Trend Micro.

“Our collaboration with AWS allows us to deliver scalable security that removes friction from procurement, the devops lifecycle, and day-to-day operations.”

“AWS has deep experience in working with customers that has specific compliance requirements that must be met by financial institutions before embracing the potential that Open Banking has to offer,” said Andrew Boyd, Head of Digital Native Business, Amazon Web Services (AWS) ANZ.

“Trend Micro, an Advanced AWS Partner Network (APN) partner, has launched a solution for the Fintech community that we welcome, as it helps reduce the time and costs associated with accreditation, allowing them to focus on what they do best – building new solutions to solve old problems.”

Lisa Schutz, founder and CEO at Verifier said, “Verifier is a privacy by design, consumer driven data sharing platform – one of many Regulatory Technology (RegTech) businesses in Australia. Naturally, we thought that there must be an automated solution to testing and reporting our compliance controls for access to Open Banking”.

“With Conformity, we now have a best-in-class security and compliance solution that provides a simplified, real-time view into our AWS environment, and significantly lowers our audit and assurance cost for Open Banking.

“We are thrilled to be a part of this new era of change to make sharing banking data more convenient for Australians and, with Conformity, RegTechs and FinTechs will find Open Banking more accessible.”

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Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).





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