Xinja Bank appoints SISS Data Services for Open Banking solution

Xinja Bank appoints SISS Data Services for Open Banking solution

Australia’s 100% digital, built for mobile neobank, Xinja Bank, has selected SISS Data Services as its partner to launch into the first phase of their Consumer Data Right (CDR) journey.

This initial phase of CDR, commonly referred to as ‘open banking’, sees financial institutions share product data such as features, interest and fees that will help consumers to make better informed decisions about financial products and services.

By October 2020 non-major banks and ADIs must comply with CDR regulations and make their product data available to the market.

SISS Data services has created a subscription-based Product Data API to allow banks to quickly comply and innovate without the expense and lengthy process of developing their own API.

“We are delighted to have been selected by Xinja to help them comply quickly with CDR through our turn-key API solution for securely sharing product reference data,” said SISS Chief Executive Grant Augustin.

“Our experience over 10 years in helping connect Australia’s major banks and more than 350,000 customers has enabled us to develop this simple, secure and effective API open banking solution,” Mr Augustin said.

Xinja Chief Information Officer Greg Steel said: “SISS is already well established in sharing customers’ banking data through pre-CDR channels and has mature controls for keeping data safe.”

“However, what really attracted us was that Xinja and SISS, along with partners like private data sharing platform and ID Exchange, are well aligned in vision; looking beyond CDR to putting data fully into the hands of customers and helping them control access,” Mr Steel said.

“SISS has the mission and the roadmap for putting the consumer in control of their own data,” he added.

“Success of Australia’s Open Banking environment depends on new and competitive marketplaces,” says Grant Augustin. “The partnership between SISS and Xinja also enables data sharing with consumer-centric platforms such as Digi.Me, positioning Xinja well for phase 2 of Open Banking in July 2021”.