Our plan is to be able to provide, for the smaller Australian Financial organisations, an “out of the box” solution to become fully compliant Open Banking (CDR) Data Holder in a matter of weeks to months, for example:
Take care of initial verification, onboarding and communication with 3rd Parties.
Initiate the initial check of the 3rd Party’s license validity, by scanning the online registers of the national regulator and verifying the passporting permission.
Provides other Financial Institutions with a well-documented API, testing facilities, a list of Demo Providers, and examples in different programming languages in order to ensure a seamless integration process.
3rd Parties get access to a complete testing environment to explore the solution through a dedicated dashboard.
The Compliance solution includes a set of services, systems, and APIs designed to cover all Open Banking requirements, as well as most 3rd Party and end-Customer needs:
Security and Access Management.
Implementation and Testing facilities.
Monitoring and Reporting.
Implemented as a Software as a Service.
Uses a Connector API to integrate Core systems with 3rd Parties.
Connector API permits the integration of other modules, for example –
Anti-Money Laundering (AML),
Fraud monitoring and prevention,
Risk analysis, and more.
As the Australian Open Banking (CDR) Ecosystem matures we are working with Salt Edge to enable the Priora® product to support CDR, specifically as a Data Holder for the smaller ADI’s and Neobanks, in 2021. For more detailed information on Priora®, please follow this link – Salt Edge Priora.