SISS facilitates open banking innovation with free sandbox

SISS facilitates open banking innovation with free sandbox

Recently accredited for Open Banking, SISS Data Services has today made available the ACSISS sandbox environment for fintechs wishing to join the open banking environment. Innovators with new ideas based on access to open banking data made available under the Consumer Data Right (CDR) can now build and test their ideas without the need for any infrastructure, and before receiving accreditation as data recipients under the CDR.

“As Australia’s leading independent provider of bank data, SISS understands well the rich and varied community of fintech innovators out there,” said SISS Founder and Managing Director Grant Augustin.

“We know that so many have great ideas based around access to open banking data, but they face significant challenges to establish the necessary infrastructure to build and test those ideas. Our sandbox now provides those innovators with access to test open banking data, and the infrastructure on which to build and test those ideas at no cost.”

One such innovator is MOGOPLUS which helps lenders to make faster, better and more responsible lending decisions. “Open Banking is really significant for MOGOPLUS. By allowing consumers to securely and easily share their data with lenders using our analytics and insights platform, MOGOPLUS is able to enable straight through processing and instant decisioning outcomes in a data led lending environment” said MOGOPLUS chief executive Mike Page.

“The ACSISS Sandbox is allowing us to build and test our open banking powered solutions ahead of gaining accreditation and without the need for additional investment in infrastructure.”

The new sandbox forms part of the ACSISS solution. ACSISS, as the name suggests, is aimed at providing fintechs with access to their customer’s data. Uniquely, the ACSISS solution covers both open banking (under CDR) and closed banking, which operates under bi-lateral agreements with all major banks.

“Our business is to provide our clients with the most reliable and efficient way to access their customers’ data. We provide an end-to-end solution that manages customer consents and ensures the most secure, reliable delivery of customer data into our client’s products,” said Augustin.

Key clients of SISS include global giants Intuit and Sage, as well as numerous local fintech innovators.

Mr Augustin said the ACSISS Open Data Sandbox will accelerate the so far limited uptake of open banking in Australia. By enabling innovators to build and test their ideas before making significant investments in infrastructure or gaining CDR accreditation, SISS hopes to encourage innovators to move from the whiteboard to the prototype stage and then into production.