Articles

In a recent speech by Assistant Treasurer Stephen Jones at a CEDA (Committee for Economic Development of Australia) conference, significant changes were announced that aim to reshape Australia’s digital economy, focusing on the Consumer data right (CDR), privacy, and cybersecurity. The speech highlighted both the benefits and challenges brought by the digitisation of the economy, emphasising the […]

Basiq, a leading data aggregator, has released a new report, Changing Perspectives: An inside look at Open Banking performance and adoption in Australia, detailing critical findings on the performance and growth of Open Banking in Australia.  To date, Basiq has enabled over 900,000 Open Banking connections between consumers and businesses to help with tasks such as […]

Trust accounts are a fundamental vehicle for individuals and organisations to safeguard and manage assets for designated beneficiaries. They play a vital role in protecting assets and ensuring their proper distribution, a common practice in industries such as medicine and law, as well as in charities, estate planning, and investments. The challenges of reconciling Trust […]

The past couple of years have meant significant growth for non-bank lenders and there are no signs of slowing down, says Bronwyn Yam, the chief product officer at Cuscal. According to the RBA, the sector grew on average 15 per cent on a six-month annualised basis, more than twice the rate recorded by banks. It […]

In today’s fast-paced financial world, lenders and brokers face the constant challenge of providing quick and accurate financial assessments to banks to process loans. Although core lending decisions often rely on comprehensive Consumer Affordability Reports, banks still require a traditional bank statement as part of the supporting documentation. Basiq’s new Bank Statements product is a […]

The Consumer Data Right (CDR) in Australia has recently undergone significant updates, especially with the introduction of Business Consumer Disclosure Consent. This new form of consent broadens the horizon for business consumers, allowing them to share their CDR data with a wider array of service providers, beyond the traditional “Trusted Adviser” list. This list initially […]

The closure of more than 1.4 million superannuation accounts in 20231, accompanied by disbursements exceeding $58 billion1, creates ample opportunities for exploitation by fraudsters. Manual methods employed for verifying bank account information are not only time-consuming but also prone to errors, providing openings for fraudsters to gain access to these substantial funds.  Unauthorised access to […]

Looking at your banking app, what was the last purchase you made? Depending on your bank, you might see the: What you don’t see is the refinement process the transaction data goes through before it’s displayed. This is called data enrichment. It takes the messy raw transaction data and turns it into clean descriptions by […]

This year, Australia’s Consumer Data Right (CDR) is expanding to include the non-bank lending sector. Specific Non-bank Lenders will be designated as ‘Data Holders’ within the CDR framework, requiring them to implement systems to facilitate consumers in being able to transfer their data to accredited third parties.     This builds upon the designations in the Banking […]

Basiq Insights, a level up for lenders We are proud to announce the launch of our improved affordability solution – Basiq Insights. Leveraging a variety of data sources including Open Banking, our uplifted Insights solution offers a holistic approach to financial data analysis and decision making in the lending industry by bringing together the power […]