This new integration aims to enhance how BGL processes bank data feeds. Regarding this new development, BGL’s CEO highlighted that this collaboration allows Simple Fund 360 and Simple Invest 360 clients to access bank data more securely and efficiently. According to Tramontana, this advancement is expected to improve data management for clients.
Skript is an Australian company specialising in banking, data, and payment services, which has developed solutions to facilitate Open Banking connections. Skript officials noted that the partnership with BGL is anticipated to significantly impact the handling of bank data for SMSFs and investment portfolios, offering enhanced security and data quality.
In turn, officials from BGL explained that the integration will enable the collection of data from all Australian banks for various account types. They also talked about the quickness of the setup process, as it requires under two minutes.
Skript provides Open Banking infrastructure and is accredited under the Australian Consumer Data Right, granting it access to all Australian banks. The company focuses on delivering accessible solutions that bridge businesses with Open Banking, aiming to support the emerging financial landscape with innovative tools and data.
In October 2023, BGL Corporate Solutions worked with Skript to connect its clients to Open Banking. At the time, the collaboration was intended to connect BGL's Simple Fund 360 and Simple Invest 360 clients to the world of Open Banking. Moreover, this partnership also represented a leap forward in how BGL handled bank data feeds.
Open Banking, driven by the Australian Government’s Consumer Data Right (CDR) initiative, empowers individuals and businesses to have greater control and transparency over their financial data. CDR data recipients are accredited by the Australian Competition and Consumer Commission (ACCC).
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