As more financial institutions share data via Open Banking, there are specific requirements when it comes to both access and usage. Ensure you’re prepared for the transition by considering the key areas including your UX, Accreditation and Security.
Accreditation
In order to use Open Banking under the Consumer Data Right, organisations must choose a pathway for participation in the CDR from a range of models. Which model is best for your organisation?
User Experience
Customer consent underpins the CDR, so the communication of consent along the customer journey is critical. Also what is the actual experience like when it transitions from your app to the banks’ app to sign in?
Security
The CDR sets out specific requirements on the level of security you need in order to be able to use Open Banking data. What documentation do you have and what controls are in place?
Important Information: This web copy and white paper has been prepared by Basiq Pty Ltd (ABN 95 616 592 011) (Company), and was originally published on 12 December 2023 on www.basiq.io. Information is current as at the publication date, and the Company has no obligation to update or correct this web copy or white paper. The information contained in this web copy and white paper is of a general nature and is not intended to address the objectives or needs of any particular individual entity, and should not be regarded in any manner as advice. To the extent permitted by law, the Company and its related bodies corporate will not be liable for any errors, omissions, defects or misrepresentations in the information in this web copy and white paper or for any loss or damage suffered by persons who use or rely on such information (including for reasons of negligence, negligent misstatement or otherwise. © 2024 Basiq Pty Ltd.
Download White Paper
