Australian open banking platform Basiq joins the MuleSoft Partner Program
Australian open banking platform Basiq have partnered with MuleSoft, provider of the world’s #1 integration and API platform, to better serve financial services providers transitioning into open banking with a Basiq data holder solution that leverages MuleSoft’s Anypoint Platform™. Anypoint Platform unlocks the power of API-led connectivity, enabling organizations to connect data from any system – no matter where it resides – to deliver truly connected customer experiences.
The offering from Basiq provides data holders – such as banks, insurance companies, superannuation funds – with an end-to-end compliance solution to share data in alignment with the Consumer Data Right (CDR) and open banking regimes. In doing so, it addresses key pain points for financial institutions as they prepare for open banking, which will give Australians greater control and access to their data with the aim of raising competition and driving down costs.
Basiq provides organisations with ready-made authentication flows that ensure the security and privacy of consumer data, allowing data holders to uphold CDR principles. By leveraging MuleSoft’s Anypoint Platform™, the solution will help data holders overcome integration challenges and unlock access to core banking products to enable collaboration with partners, accelerate innovation and open new revenue channels. Clients can utilise Basiq’s consent management capabilities to provide their customers with a user-friendly path to authorise data sharing. The capabilities place the value of open banking directly into the hands of an organization’s customers, such as providing the ability to detail an individual’s full financial health in one report.
Under the CDR regime, data holders are required to open up permissioned consumer data to third parties via open APIs. As part of this obligation, banks and financial services are required to authenticate customer requests to share data while meeting CDR-mandated API standards.
“For financial institutions, the value of open banking lies not just in the sharing of data but also in the ability to innovate and redefine digital offerings to obtain customer insights,” said Damir Cuca, CDR open banking advisory committee member and CEO, Basiq. “With this solution, we are able to address compliance challenges so our clients can focus on the value-add of open banking.”
“The average enterprise has data in nearly 900 applications and only one-third are integrated, leading to disconnected customer experiences across channels. Through its partnership with MuleSoft, Basiq is allowing its customers to unlock business capabilities and build application networks that accelerate the speed of IT delivery, increase organizational agility and enable innovation at scale,” said Dan McAllister, senior vice president of global alliances and channels.
“We’re pleased to welcome Basiq into MuleSoft’s partner ecosystem and look forward to working together to help our mutual customers deliver connected customer experiences.”
As a MuleSoft Partner, Basiq helps clients address on-premises, cloud and hybrid integration use cases with scale and ease of use.
Visit the Basiq website and get in touch to learn more.
