SISS launches fintech sandbox for Open Banking

Innovators with new ideas based on access to Open Banking data made available under the Consumer Data Right (CDR) can now build and test their ideas without the need for any infrastructure, and before receiving accreditation as data recipients under the CDR. 

The new sandbox forms part of the ACSISS solution. ACSISS, as the name suggests, is aimed at providing fintechs with access to their customer’s data. Uniquely, the ACSISS solution covers both Open Banking (under CDR) and closed banking, which operates under bi-lateral agreements with all major banks. 

The ACSISS Open Data Sandbox will accelerate the so far limited uptake of Open Banking in Australia. By enabling innovators to build and test their ideas before making significant investments in infrastructure or gaining CDR accreditation, SISS hopes to encourage innovators to move from the whiteboard to the prototype stage and then into production.