Basiq joins open banking advisory committee

Basiq announce that they have joined the Consumer Data Right (CDR) Banking Advisory Committee.

Basiq CEO Damir Cuca was invited by the Australian Competition and Consumer Commission (ACCC) to participate in the committee that guides and provides feedback on the development of the CDR technical standards specific to the banking sector.

Joining other advisors including Westpac’s John Harries, Finder CEO Frank Restuccia and Regional Australia Bank Chief Digital Officer Rob Hale, Damir will be supporting the work on technical standards that provides strategic counsel and expert advice on key issues in the development and implementation of technical standards to support consumer data sharing.

Through Basiq’s membership, they have an opportunity to provide real-time feedback on behalf of all their partners in the fintech industry in the development of the technical standards. The active participation of fintechs is critical to the ultimate success of CDR delivering the benefits to Australians outlined by the legislation.

Basiq has been helping fintechs leverage consumer banking data since 2016. Over this time, Basiq and their fintech partners have learnt a lot about how the data should best be structured and used. Damir will be bringing this experience to the committee with the core objective of enabling fintechs to innovate on top of open banking data to the best of their abilities.

The Banking Advisory Committee meets monthly, with the minutes posted here. An example of how CDR standards are being implemented by Basiq can be seen here.