The transfer was made in partnership with Fiskil, a real-time Open Data platform and Accredited Data Recipient (ADR). Fiskil’s soon-to-be-launched platform will allow users to securely link their energy accounts and data to service providers and comparison sites in order to verify identity and account information, validate real-time account balances, access usage data, and access detailed billing data.
Amid rising energy prices, new mandates from the ACCC that require all major energy retailers to share their data with accredited service providers, including comparison sites, will be enforced from November 15th.
Similar to how the banking and financial services industry has introduced Open Banking in recent years, these new regulations, also referred to as Open Energy, will allow consumers to get more tailored, competitive services. In October, Energy Australia was granted a 6-month extension.
The announcement comes as the CDR continues to expand its remit, with the Treasury recently completing its consultation period on a draft bill to enable Action Initiation, a new capability that will allow consumers to use the CDR to ask businesses to initiate actions on their behalf, including payments, switching or updating details across providers.
Founded in 2018, Biza.io helps banks, financial institutions, major energy retailers, and data economy participants navigate the highly regulated CDR ecosystem and comply and innovate within the Australian data-sharing landscape.
In August2022, Biza.io announced it raised USD 7.5 million in a Series A funding round led by OIF Ventures and Jelix Ventures. To date, Biza.io has assisted in the delivery or verification of over 40% of all active data holders with more than 18 million consumers having data-sharing access enabled by Biza technology.The startup’s customers include Unloan, Bank First, Regional Australia Bank, Australian Military Bank, TrueLayer, and Envestnet | Yodlee among a dozen brands now in CDR, alongside testing capability for more than 15 organisations as part of the Open Data rollout.
Biza helps banks, financial institutions, energy retailers, and others in the CDR space with Software-as-a-Service solutions for both data holders and recipients.
The market for energy in Australia is complex, and there are lots of organisations out there that hold data about the way you use energy. Open energy will give customers access to this data for the first time.The CDR legislation that sits behind open energy passed through Parliament in August 2019.
Originally, the CDR rules had stipulated that energy companies would push data through a designated gateway, but this has since been amended to a peer-to-peer data access model. The shift to the peer-to-peer access model best aligns with how consent and data are managed by retailers who have direct relationships with customers.
The big goal for open energy is to make finding the better energy plans for customers easier than ever. If this is achieved, then the hope is that this will lead to increased competition in the energy sector as more people switch to the best-priced plans on the market.
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