SuperConcepts to adopt open banking services in new year

SMSF service provider SuperConcepts has announced it will receive ISO 27001 and SOC 2 certification in the new year, enabling it to provide open banking services to its SMSF clients and streamline the audit process.

SuperConcepts has passed the design phase of the ISO 27001 certification for the security of its systems and operations as well as the Service Organisation Control (SOC) 2 certification.

According to SuperConcepts, this means future audits will no longer require access to bank statements and financial records. Both security measures will be assessed at the operational level in 2021 and will be in place by 30 June.

SuperConcepts chief information officer Grant Christensen said open banking, which enables third-party financial service providers to have access to consumer banking, transaction and other financial data from approved deposit-taking institutions, is expected to shake up the financial services landscape.

To read more, please click on the link below…

Source: SuperConcepts to adopt open banking services in new year – SMSF Adviser