Neobank takes crucial open banking step

New partnership will enable group to prep for both phase one and two of the new financial system

Neobank takes crucial open banking step


By Madison Utley

A neobank has announced its new partnership with a data services company as it prepares for its participation in the first phase of open banking.

Xinja Bank will utilise SISS Data Services’ subscription-based Product Data API, which was crafted to allow banks to quickly comply and innovate without the expense and lengthy process of developing their own software.

“Our experience of over 10 years in helping connect Australia’s major banks and more than 350,000 customers has enabled us to develop this simple, secure and effective API open banking solution,” explained SISS CEO Grant Augustin.

“We are delighted to have been selected by Xinja to help them comply quickly with CDR through our turn-key API solution for securely sharing product reference data.

“The partnership between SISS and Xinja also enables data sharing with consumer-centric platforms such as Digi.Me, positioning Xinja well for phase 2 of Open Banking in July 2021.”

The first stage of open banking centres around financial institutions sharing their product data such as features, interest rates and fees, helping consumers make more informed decisions about financial products and services.

By October 2020, non-major banks and ADIs must comply with the new regulations and make their product data available to the market.

“SISS has the mission and the roadmap for putting the consumer in control of their own data,” said Xinja chief information officer Greg Steel.

“[The group] is already well established in sharing customers' banking data through pre-CDR channels and has mature controls for keeping data safe.  

“However, what really attracted us was that Xinja and SISS, along with partners like private data sharing platform and ID Exchange, are well aligned in vision; looking beyond CDR to putting data fully into the hands of customers and helping them control access,” Steel concluded.

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