The CDR Compliance Solution is a collaboration with our strategic partner, Salt Edge Inc – a UK/European-based Open Banking solution company, to assist the smaller Australian Financial organisations with an “out of the box” solution to become a fully compliant Open Banking (CDR) Data Holder in a matter of weeks to months. For example, the capabilites “in the box” are:
Provides Data Holders with the required set of CDR-compliant APIs (ie. Banking API, Registration API, Common API, InfoSec API, Admin API),
Ensures that APIs comply with Consumer Data Standards (CDS) around data sharing & consent management,
Checks the validity of Accredited Data Recipients (ADRs) and associated Software Products, by polling the CDR Register APIs and caching participants data,
Provides monitoring and reporting services, including ACCC regulatory reporting data,
Provides an ADR Developer Portal with comprehensive documentation and a Sandbox environment that mimics the production API environment, assisting with onboarding for a seamless integration,
Supports the Data Holder during the Conformance Test Suite (CTS) enrollment and acceptance process,
Post-go-live support including regulatory, security, compliance updates and versioning of all the APIs.
The CDR Compliance solution is a Software-as-a-Service implementation, which means it is secure, cost-effective, reliable and requires minimal technical participation from the Data Holder. It includes a set of services, systems, and APIs designed to cover all CDR requirements, as well as most ADRs and end-Customer needs. For example:
Security and Access Management,
Consent Management APIs,
Implementation and Testing facilities,
Monitoring and Reporting,
Connector API for Core banking integration along with other functions/modules, such as –
Anti-Money Laundering (AML),
Fraud monitoring and prevention,
Risk analysis, and more.
To align with the Government’s availability timeline for Data Holders, like the smaller Banks, Credit Unions, Building Societies, EMIs, Neobanks, Fintechs and other financial institutions wanting to comply with Australian Open Banking (CDR), we have worked with Salt Edge to enable their Open Banking Compliance product to support CDR.
For more detailed information regarding the CDR Compliance Solution, please email us at firstname.lastname@example.org and put “CDR Compliance Solution info” in the Subject line.