Under open banking, Australian banks must share customers’ data with other organisations in a machine readable way when requested by the customer.
The regulator led scheme launched in Australia this year and is designed to reduce barriers to switching banking providers and spur innovation in financial services by safely increasing the flow of data. It is the first test of Australia’s new Consumer Data Right, which will be applied to the energy and telecommunications sector in the coming years.
Basiq, a 2016 founded fintech backed by NAB, Westpac and Salesforce, says its new offering provides data holders – such as banks, insurance companies and superannuation funds – with an “end-to-end compliance solution” to share data in the new data portability schemes. The company says over 190 fintechs and major banks have used its platform to help connect and share data.
To date, Basiq says it has processed millions of requests to retrieve financial data. The new data holder solution uses Mulesoft’s Anypoint Platform, a way of connecting APIs and accessing data across systems which were not necessarily designed to integrate. Basiq says the offering will allow data to be shared from core banking products, helping with the mandated sharing of transaction data required by open banking.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now