SuperConcepts to implement open banking services in 2021

Tuesday 15 December 2020 13:17 CET | News

Australia-based SMSF service provider SuperConcepts has announced it will obtain certifications necessary to provide open banking services to its SMSF clients in 2021. reports that SuperConcepts has passed the design phase of the ISO 27001 certification for the security of its systems and operations as well as the Service Organisation Control (SOC) 2 certification. This means future audits will no longer require access to bank statements and financial records. Both security measures will be assessed at the operational level in 2021 and will be in place by 30 June 2021.

Open banking, which enables third-party financial service providers to have access to consumer banking, transaction, and other financial data from approved deposit-taking institutions, is expected to shake up the financial services landscape. SuperConcepts noted that one of the main challenges with any form of financial advice is gathering all the paperwork, data, and transactions together so it can be analysed, reviewed, and solutions can be put together and offered to the client.

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Keywords: SuperConcepts, Open Banking, SMSF, Australia, ISO 27001, SOC 2, certification, financial services
Categories: Banking & Fintech
Countries: Australia
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Banking & Fintech

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