Police Bank turns to SISS Data Services for Open Banking solution

Member-owned financial institution Police Bank has selected SISS Data Services (SDS) as their partner to enable compliance with the first phase of Consumer Data Right (CDR).

SDS will help Police Bank participate in open banking by sharing information about their products such as features, interest rates and fees to help consumers to make better-informed decisions about financial products and services.

The subscription-based Open Banking Platform created by SDS enables banks to comply quickly with CDR without compromising on security and without the time and expense of building their own solution.

“We’re thrilled that Police Bank has chosen our Open Banking Platform. With most deployments completed in under a day, this platform is a fast and efficient way to share product reference data ahead of the October deadline”, said SDS Chief Executive Grant Augustin.

“We understand the pressure banks are under now, and by drawing on over 10 years of experience, we are able to offer a simple and secure solution to help banks efficiently move forward into open banking.”

Police Bank Executive GM Technology Paul Klauzner said, “We are always striving to add value to our members, and the SDS Open Banking Platform not only supports our members, but also the wider community to make sound financial decisions. SDS has a great track record of securely handling bank data, and this fully supported platform enables us to reduce the upfront and ongoing costs, while effectively meeting our CDR requirements.”

“Open banking promises better outcomes for consumers through greater access to data,” said Grant Augustin. “It will also enable financial institutions to gain greater insights into the needs and wants of consumers. We are excited to leverage our considerable experience to be a key enabler of open banking in Australia.”