SISS Accreditation gives Open Banking a much-needed boost
The ACCC has announced that SISS Data Services is the latest intermediary to become accredited under the Consumer Data Right (CDR), better known as Open Banking.
The ACSISS platform from SISS Data Services provides fintechs with a fast and cost-effective path to access consumer data via Open Banking. According to SISS Managing Director Grant Augustin, “We have taken a 3-6 month CDR build for fintechs and turned it into a one-day exercise.”
ACSISS leveraged its existing direct data feeds (sometimes referred to as ‘closed banking’) infrastructure, to build a CDR-compliant solution for fintechs, with a key focus of speed to market and cost-effectiveness.
“Over the last 10 years the ACSISS Platform has been trusted by over half a million Australians to securely access and share consented, bank-approved, financial data. We know the platform model works for fintechs and we are excited to expand our offering to include Open Banking,” said Augustin.
The fintech community has been vocal about the cost and time it takes to comply with the CDR accreditation requirements, with some fintechs claiming the cost to build and comply with CDR could reach $500,000 plus ongoing maintenance of $50,000 per annum. With only 14 Accredited Data Recipients (ADRs) of which fewer than half are active, there is concern the CDR may not be widely adopted as first hoped.
“We understand what fintechs are saying about the build and compliance cost of open banking, we saw the same cost and compliance issues with direct data feeds (“closed banking”) when it started, and we worked with Banks and fintechs to find a win/win way forward.”
Grant Augustin believes the success of Open Banking will in part, depend on platforms like ACSISS lowering the cost and expense of compliance, and giving fintechs options on how they access data under Open Banking. “ACSISS enables an Accredited Data Recipient to be CDR ready in minutes, not months. Fintechs simply create an account with us, configure their CDR consent and publish it. And with a full featured, production account starting at $500 per month, it is within reach of all fintechs.”
