ForgeRock creates platform to help with Open Banking compliance

Thursday 5 November 2020 13:49 CET | News

ForgeRock has launched the ForgeRock Consumer Data Right (CDR) Open Banking Accelerators, a set of tools that give banks and other providers a way to build and test CDR systems.

The US-based provider of digital identity solutions, says that the accelerators offers the resources for financial service firms to work towards compliance. The project was built in partnership with Middleware New Zealand.

The Consumer Data Right (CDR) was introduced by the Australian Government to ensure consumers have greater control over their personal data. It mandates a new set of technical requirements for financial service firms to ensure that customer data is accessible by third parties only with the direct authorisation and consent from the consumer.

ForgeRock’s CDR Open Banking Accelerators help the open application programming interfaces (APIs) used by financial institutions to prioritise customer authorisation when sharing data with other providers. The company designed the tools to help financial institutions address several of the complex CDR guidelines outlined by the Australian Government and Australian Competition and Consumer Commission (ACCC).

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Keywords: ForgeRock, Consumer Data Right, Open Banking, accelerators, CDR, Australia, API
Categories: Banking & Fintech
Countries: Australia
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Banking & Fintech

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