Ping Identity assists banking and fintechs with Australian regulation via CDR integration kit

Ping Identity has launched a Consumer Data Right (CDR) Integration Kit to assist Australian banks and fintech company data holders to comply with CDR regulatory requirements.

Under CDR rules, financial institutions must provide customers with greater access and control of their data. The aim is to make it easier for consumers to switch between products and services, and to encourage more innovation and competition amongst service providers. 

For tier one banks, CDR compliance had to be met by 1 July 2020. Owing to the pressures caused by the COVID-19 pandemic, Tier two banks and smaller firms have been granted an extension until July 2021.

The Ping Identity CDR Integration Kit, core to the company’s sandbox DevOps-driven environment, contains a set of components and configuration items that align to the current CDR specification. The Kit adds both ‘Data Out’ functionality to enable data holders to comply as well as ‘Data In’ that enables data holders to perform as data recipients and participate in the CDR ecosystem. Both functions can be implemented independently or together on the same platform.