Regional bank attains CDR compliance

The non-major lender has announced that it has completed integration and deployment of Biza.io’s Consumer Data Right (CDR) platform-as-a-service solution, enabling participation in information sharing with the big four banks through the open banking regime.

It becomes the fifth bank in Australia, and the first non-major lender, to meet compliance standards and give consumers more control to share their data between providers using automated data technology.

By participating in the open banking system, Regional Australia Bank said its customers can benefit from greater control over their banking data, with faster and more convenient access to financial services.

Rob Hale, chief digital officer at Regional Australia Bank, said: “CDR introduces new ways for customers to access and consume financial services and other exciting innovations, creating extra competitiveness among banks and financial institutions. As a customer-owned institution, we are thrilled to be joining the big four in enabling this level of transparency and choice to Australians.

“Biza.io’s turnkey solution enabled Regional Australia Bank to become CDR compliant in a mere three months. Without it, the process of becoming compliant would have been way more costly and taken many more months, and would have delayed our participation in this exciting ecosystem.

“We wanted to demonstrate the capability of customer-owned banks and highlight the benefit that CDR brings to Australian consumers. Biza’s deep industry expertise, quickly adaptable Holder as a Service (HaaS), and innovative approach has enabled this. Their commitment, attention to detail and the quality of their work is simply outstanding; we are so delighted with this outcome,” he continued.

Biza.io founder Stuart Low commented: “It is an exciting time to be working in the financial services industry as a whole new level of control and choice is being delivered to consumers through the open banking system.

“The CDR framework and standards introduce a way for financial institutions to be a part of these historic changes in the industry, and it’s been a pleasure to work with Regional Australia Bank to deliver on their passion for providing customers with the best possible experiences and services.”

[Related: Open banking ‘a pivotal event’ for mortgage industry: NextGen.Net]