Heritage Bank has teamed up with EY Australia to kickstart its open banking capabilities.
Through the partnership, Heritage Bank will be able to utilise EY team's extensive consulting capabilities and cloud-hosted EY Fuse Open Banking platform to boost its open banking initiative.
Peter Lock, Heritage Bank CEO, said it is crucial move for the bank to partner with an institution that has "rock solid" infrastructure in the open banking space.
"We want to reinforce to our members that our approach will keep their data secure and under their control. Tapping into EY’s extensive local and global knowledge in this space will be crucial in ensuring our solution is not only secure but also easy to use," he said.
Lock believes that the goal of open banking is to promote greater competition and create new services and products for Australian consumers.
With the new system, he said that consumers will be able to find better deals that fit and further their financial needs.
"Open Banking provides some exciting opportunities for consumers," he said.
For his part, Andy Parton, EY Oceania open banking leader, said the group will support Heritage Bank in its plans to drive innovation and provide wider options for consumers in the market.
"Heritage will not only comply with the Consumer Data Right (CDR) regulations but is well-positioned to capitalise on the opportunity to compete in this new world of Open Banking and, ultimately, better serve its members," he said.
"I’m very proud that Heritage selected EY to collaborate with on their Open Banking journey and will have our technology at the heart of their solution.”