Australian challenger bank Xinja is to use a subscription-based API from Siss Data Services to comply with Consumer Data Right rules for sharing account information with third parties.
The initial phase of CDR sees financial institutions share product data such as features, interest and fees that will help consumers to make better informed decisions about financial products and services.
By October 2020 non-major banks and ADIs must comply with CDR regulations and make their product data available to the market.
Siss Data services has created a subscription-based Product Data API to allow banks to quickly comply without the expense and lengthy process of developing their own API.
Xinja CIO Greg Steel says: “Siss is already well established in sharing customers' banking data through pre-CDR channels and has mature controls for keeping data safe.”
“However, what really attracted us was that Xinja and Siss, along with partners like private data sharing platform digi.me and ID Exchange, are well aligned in vision; looking beyond CDR to putting data fully into the hands of customers and helping them control access.”