Regional Australia Bank Becomes CDR Compliant with Biza.io

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Regional Australia Bankhas announced it has
completed integration and deployment
of Biza.io’s Consumer Data Right (CDR) solution
in three months, enabling participation in information sharing with
the Big Four banks through the new open banking system which went
live in July 1. Regional Australia Bank becomes the first following
the Big Four to meet compliance standards and give consumers more
control over their data.

Australia’s new CDR allows consumers to share their data
between providers, using automated data technology. By
participating in the open banking system, Regional Australia
Bank’s customers can benefit from greater control over their
banking data, with faster and
more convenient access to financial services.

Rob Hale, Chief Digital Officer at Regional
Australia Bank said, “CDR introduces new ways for customers to
access and consume financial services and other exciting
innovations, creating extra competitiveness among banks and
financial institutions. As a customer-owned institution, we are
thrilled to be joining the Big Four in enabling this level of
transparency and choice to Australians.”

Biza.io is a cloud-based Platform as a Service (PaaS) and was
founded in 2017 by Stuart Low to help banks and
financial institutions navigate the highly regulated financial
services industry, and comply and innovate within the Australian
open banking landscape. By partnering with Biza.io, Regional
Australia Bank achieved a successful and fully compliant Data
Holder implementation months ahead of ACCC-mandated timeframes.

Hale added, “Biza.io’s turnkey solution enabled Regional
Australia Bank to become CDR compliant in a mere three months.
Without it, the process of becoming compliant would have been way
more costly and taken many more months and would have delayed our
participation in this exciting ecosystem.

“We wanted to demonstrate the capability of customer-owned
banks and highlight the benefit that CDR brings to Australian
consumers. Biza’s deep industry expertise, quickly adaptable
Holder as a Service (HaaS) and innovative approach has enabled
this. Their commitment, attention to detail and the quality of
their work is simply outstanding, we are so delighted with this
outcome.”

Biza.io has a three-year contract with Regional Australia Bank
to continue to evolve the open banking ecosystem while achieving
compliance and meeting regulatory requirements. Low is anticipating
further business growth and more banks to adopt the turnkey CDR
solution in the coming months as competition heats up in the
financial services industry to meet open banking requirements.

Stuart Low said, “It is an exciting time to be working in the
financial services industry as a whole new level of control and
choice is being delivered to consumers through the open banking
system. The CDR framework and standards introduce a way for
financial institutions to be a part of these historic changes in
the industry, and it’s been a pleasure to work with Regional
Australia Bank to deliver on their passion for providing customers
with the best possible experiences and services.

“While most banks are excited about participating in open
banking, many are struggling to meet the CDR obligations in a
cost-effective and timely way. I built Biza.io to provide a timely
and innovative solution that financial institutions can purchase
off-the-shelf, so they can focus on developing and delivering their
own products to customers.”

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Regional Australia Bank Becomes CDR Compliant with Biza.io

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https://thefintechtimes.com/regional-australia-bank-becomes-cdr-compliant-with-biza-io/