Australia-based SISS obtains CDR accreditation for Open Banking

Wednesday 26 May 2021 15:33 CET | News

The ACSISS platform from SISS Data Services has obtained CDR accreditation to provide fintechs with a path to access consumer data via Open Banking, according to

ACSISS leveraged its existing direct data feeds (sometimes referred to as ‘closed banking’) infrastructure, to build a CDR-compliant solution for fintechs, with a key focus of speed to market and cost-effectiveness. The fintech community has been vocal about the cost and time it takes to comply with the CDR accreditation requirements, with some fintechs claiming the cost to build and comply with CDR could reach USD 500,000 plus ongoing maintenance of USD 50,000 per annum. With only 14 Accredited Data Recipients (ADRs) of which fewer than half are active, there is concern the CDR may not be widely adopted as first hoped.

Some believe that the success of Open Banking will, in part, depend on platforms like ACSISS lowering the cost and expense of compliance, and giving fintechs options on how they access data under Open Banking. 

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Keywords: Open Banking, data sharing, fintech, digital banking
Categories: Banking & Fintech
Countries: Australia
This article is part of category

Banking & Fintech

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