Regional Australia Bank achieves Open Banking accreditation

Monday 23 March 2020 10:52 CET | News

Regional Australia Bank has announced itself to be the first Accredited Data Recipient of Australia’s Consumer Data Right (CDR).Regional Australia Bank’s initial CDR use case is for personal loans; consumers provide consent for the bank to access their transaction histories in order to process their application for a personal loan more quickly. The bank has partnered with fintech platform Basiq to use their loan affordability assessment report for its own customers, but under CDR Regional Australia Bank will be able to pull transaction data from the major banks participating in the first phase of opening banking.

The ACCC, which is overseeing the testing, announced all participants have entered industry testing which began in September 2019. So far six data recipients and all four data holders have now completed connectivity testing, meaning the data is passing from one party to another via APIs.

A managed rollout of the scheme — essentially a controlled go live process — is scheduled to take place in May and June 2020 so a robust system is up and running before the official launch of CDR on 1 July 2020. The open banking timeline was already tight before remote working procedures were put in place.

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Keywords: Regional Australia Bank, ACCC, Open Banking, open banking accreditation, Consumer Data Right, Australia, API, Open API, CDR
Categories: Banking & Fintech
Countries: Australia
This article is part of category

Banking & Fintech