Basiq, the API platform powering some of Australia’s most innovative banks and fintechs with financial data is now accredited under the Consumer Data Right. Basiq’s implementation expertise and industry knowledge will provide accredited data holders and data recipients with the tools and support they need to accelerate their Open Banking use case and deliver the value of Open Banking to consumers.
Open Banking operates under the Consumer Data Right (CDR), which gives Australian consumers the rights and protections to share their data securely. Under Open Banking, consumers can request for their banking data to be shared with an accredited third-party and, in exchange, access personalised financial services and products that are right for them.
Since 2017, Basiq has been enabling fintechs to leverage open financial data in a similar way, with clients ranging from some of Australia’s largest fintechs, to startups in the pre-launch stage. Millions of consumers have already benefited from sharing their financial data and the rollout of the CDR will enable increased consumer uptake of data-driven products, a more stable connection to data and increased compatibility with data in other areas of the economy.
Currently, a handful of institutions are accredited to share and receive CDR data. Basiq’s accreditation will help accelerate data holder participation with a fully compliant data holder implementation that meets technical specifications and privacy and security requirements.
As more data is made available through this increased participation, the Basiq platform will dynamically switch to newly available datasets and increase the uptake of Open Banking APIs. This allows data recipients to immediately gain access to account and transaction data from over 100 financial institutions and take advantage of Open Banking whilst it’s still a moving target.
Specifically, the turnkey solution provides accredited recipients with CDR compliant consent management and data governance across Open Banking rails and other data retrieval methods.
Part of this solution is the ability to render a simple, informed and trustworthy data sharing experience for consumers as well as consent handled in line with CDR Privacy Principles.
According to Basiq CEO and founder, Damir Ćuća, who sits on the Open Banking advisory board,
“There’s no doubt that Open Banking will increase innovation, promote transparency and drive consumer benefit. We want to accelerate this value by helping businesses move beyond compliance and start viewing Open Banking as an opportunity to leverage a new paradigm of comprehensive, accurate and up to date customer financial data, available on demand.”
Basiq also takes Open Banking a step further with powerful overlay services across expense classification, merchant identification, income detection, expense analysis and behavioural spend analytics, ensuring that businesses can spend more time innovating and improving their Open Banking offerings.
Mr Ćuća added, “Having reliable access to data provides a strong foundation but the ability to generate actionable insights to create truly personalised experiences is what will ultimately help businesses move quickly and grow.”
Basiq is an API platform that provides the building blocks of financial services. Our APIs enable secure access to customer financial data and tools to uncover valuable insights. Backed by AP Ventures, Salesforce Ventures, Reinventure, NAB Ventures and Plaid, over 200 fintechs and banks rely on our platform to deliver innovative financial solutions across lending, payments, wealth, digital banking and more.