Member Spotlight — SISS Data Services
SISS Data Services (SISS) is Australia’s leading independent provider of financial data sharing services.
In fact, SISS is Australia’s most experienced and reliable B2B supplier of “accounting grade” bank data. With 10+ years’ experience in secure direct feeds and open banking, the team has earned the trust of all major Australian banks, leading software platforms, and over 500,000 individual and business consumers.
These parties rely on SISS to securely, accurately and reliably share financial data.
Since 2020, Australia’s Consumer Data Right (CDR) has set the gold standard for privacy and security when sharing bank data via open banking’s secure APIs.
SISS was an early adopter of open banking and is an active Accredited Data Recipient, authorised by the Australian Competition and Consumer Commission.
Additionally, SISS is Australian-owned and operated and ISO 27001 certified. All data processing and storage is performed in Australia.
SISS has never supported - nor engaged in - the insecure practice of screen scraping.
Accurate and reliable bank data informs the origin story of SISS Data Services
The backstory of SISS originates in the superannuation sector, specifically self-managed superannuation funds (SMSFs).
This sector is where the name originally comes from, as “SISS” is an abbreviation of “Superannuation Integrated Software Solution.”
SMSFs are very popular with Australians!
According to ATO data (for March 2025), there are 646,168 SMSFs with 1,197,293 members and the total estimated assets of SMSFs are A$1.01 trillion. The top asset types held by SMSFs are listed shares, cash and term deposits.
Superannuation is also highly regulated.
It is a legal obligation that an SMSF must be audited each year by a qualified accountant. This means that information about transactions during the financial year, plus year-end balances, must be provided to the accountant to perform that audit.
So SISS set out on a mission to solve that problem for SMSF trustees, members and auditors via secure bank feeds, and today continues to deliver on that mission via CDR-enabled open banking solutions.
“Accounting grade” bank data
It’s a similar situation when small businesses are complying with their obligations for regular reporting to the Australian Taxation Office (ATO), for example, to fill in Business Activity Statements (BAS) showing revenue and expenses for GST and wages and salary for PAYG.
Bank statements are critical inputs into this periodic reporting.
And there are highly unwelcome – and negative - consequences of getting it wrong.
Solutions for these B2B use cases must be best-in-class.
SISS provides the ACSISS range of solutions to enable secure data sharing for small business owners, bookkeepers, accountants, other advisors such as finance brokers, and the software platforms they use.
The challenge for many business owners, and their trusted advisors, is access to complete information.
There is nothing more frustrating than being in the middle of preparing a tax return or loan application and discovering the bank data feed is incomplete or incorrect.
When transactions are missing, or entries are wrong, the solution is typically to resort to old-school manual methods like emailing the client and requesting PDF bank statements. (This in turn presents a cyber security risk as email is vulnerable to compromise by bad actors.)
It’s frustrating, wastes time, and drags on productivity.
Accurate and complete bank data is the backbone of efficient financial management.
When the data flows, financial reports are reliable, debits and credits reconcile in the books, and business advice is based on the most up-to-date information.
On the other hand, when this data is incomplete, it can throw a spanner into an entire workflow, leading to errors and delays.
Supplying the right bank data is mission critical.
And, in a nutshell, that is SISS’s mission.
Are you CDR Ready? The real benefits come when you switch to open banking
SISS enables consumers and businesses to securely share sensitive data such as their bank transaction records with their nominated professional advisors, and the software platforms that they use for accounting, financial management and other tasks where security and accuracy are paramount.
There is an explicit consent process that governs data sharing via the CDR and open banking.
For a first-time user, especially when a business bank account is involved, there are a few steps that must be navigated, which is why CDR Ready exists.
CDR Ready is a free service – powered by SISS Data Services - that helps Australian individuals and businesses get ready to share bank data in three easy steps: consent, connect and confirm.
Are you CDR Ready? Find out here: www.cdrready.com.au
